14 May 2012
Case: A person aged 50 years has income from salary, bank interest, rent income from house property and Long term capital gain from shares which was reinvested in equity shares itself. Every year TDS is done by his employer and the same is duly deposited with the government. Employer issues Form 16A But the person has not filed even a single income tax return in his life. What can be the consequences ??? and What if now he wants to file his first income tax return ?? What should he do ???
14 May 2012
now person file his income tax return regularly. because his income are more than basic exemption limit. so he is liable to file income tax return regularly on time. if he not do this than income tax dept. issue for notice non filing of return/ raised query. so if person not get any query it is better for him. so now person file regular return in his income tax ward and show all his income . because on the basic of PAN dept. know that his all income. so my suggestion is assessee file his IT return regulary ...
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