01 January 2014
my friend have purchased a land & Building 10 years back, he have been collected as rental income from that building Rs 5 lakh and above in every year, but he had not paid income tax over the year and also not filed, but he have desire to pay for the complete year.
02 January 2014
DEAR FAKRUDEEN, AS PER ACT CONCERN, ASSESSING OFFICER AND INCOME TAX DEPT. CAN NOT OPEN ASSESSMENT PREVIOUS TO 6 YEARS. SO IF THE ASSESSEE WISH TO PAY THE TAX FOR THE INCOME HE CAN FILE RETURN FOR MAX 6 YEAR TO INCOME TAX DEPT. AND IT IS ALSO GOOD FOR THE ASSESSEE IN VIEW OF TAX SAVING. SO HE CAN FILE RETURN FOR 6 YEAR WITH INTEREST AND CAN GET BENIFIT OF TAX SAVING ON INCOME OF 4 YEARS PREVIOUS TO 6 YEARS.
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