17 April 2009
Sir, How many back years I. T. Returns can be Filed by the assessee, if his net income is not taxable. And other side if income is taxable what are the penalties in Income Tax.
17 April 2009
Unless there is a notice from the department, now you can file returns for the financial years 2007-08 and 2008-09 only.
Failure to furnish return of income before the end of the relevant assessment year attracts penalty of Rs 5000/- u/s 271F. However, as per section 273B, no penalty is imposable if the assessee can prove that there was reasonable cause for the said default.
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