02 May 2009
A person want to take a loan on agriculture. But the banker is asking about returns for the last 3 years.He didn't file the returns. His main income source is agriculture. can he file the returns for the last 3 years including this year? His income below exemption limit?
02 May 2009
An assessee who is required to file a Return of Income for a Assessment Year under the provisions of Income Tax Act, if fails to do so till One Year from the end of the relevant Assessment Year, he shall be liable to a fixed penalty of Rs. 5,000/- being imposed by the Assessing Officer.That's mean u can file last 3 year's IT Reurn.It may or may nor be possible Rs. 5000/- panelty imposed on you by Assessing officer.
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