income tar returns

This query is : Resolved

Yadnya Mithbhakare (Querist)
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05 July 2009 IF A PERSON DIDN'T FILE HIS INCOME TAX RETURN FOR MORE THAN 3 YEARS & FILE ALL THREE YEARS RETURNS IN ONE YEAR ONLY. WHAT WILL BE PENAL ACTION AGAINST HIM???
HE IS BELOW INCOME TAX SLAB RATE. PLZ SOLVE MY QUERY... THANKS

Jitender

Jitender (Expert)
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05 July 2009 only penalty of Rs 5000 can be imposed for filing of return afeter the end of Assessment year but it can be waived off if sufficient reason is shown.

Ratan Sharma

Ratan Sharma (Expert)
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06 July 2009 As his income is below the basic exemption limit no penalty can be levied for delay in filing return of income. No penal action can be initiated against assessee.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 July 2009 All the three years return cannot be filed voluntarily in one year. Therefore,answer of the experts needs reconsideration.

CA Bosu babu

CA Bosu babu (Expert)
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07 July 2009 all three can be filed at a time.....since there is no tax liability no penalty will be levied.....pls refer assessment procedure...and also refer some ICAI practical past examination questions