24 September 2012
I have Caterrece Business in Mumbai. From last 4 years i have not filed income tax return filling?. Every year tax audit U/S 44AB(Crossing limit) Can i file income tax return filling for the last 4 year & Can i get my refund for last 4 years? If any penalty is there?
25 September 2012
you should have filed your return whenever you came across the knowledge that your income is crossing the minimum limit of taxability, as per the income tax act there is a penalty of Rs 100000 if you have not filled your return within specified time.
In your case the limit to file your income tax return for the previous 3 years is clearly crossed the time specified in income tax act.
however if your TDS is more than Rs 100000 i.e. the amount of penalty for each year then it is advisable to file return and get the refund.
which will create your records clean at income tax office and from next year onwards you can claim more refund. However you can choose to file return of income from current year unless income tax office will not detect you.
So it is advisable if you have not filled your return for the current year then please rush and file the same i.e. for A.Y. 2012-13 (F.Y. 2011-12). You can choose to not file return for last 3 years by taking some risk. if by any chanse u receive notice then it can be hadled by any CA.
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