28 May 2010
The last date of filing the return for AY 2008-09 was March 31, 2010. The AO will have to issue a notice under section 148 requesting you to file the return for AY 2008-09. You can file the return for AY 2009-10 (as belated return) and AY 2010-11 (as regular return as the time limit has yet not expired).
If you earn any income in India and do not file the return of income, the following may be the consequences -
(i) Penalty of Rs.5000 per year - this is at the discretion of the AO
(ii) Penalty for concealment of income - if you have income liable to tax and the Ao assesses the same and determines the tax liability to be paid by you, then he may levy penalty to the extent of 100% to 300% of taxes sought to be evaded
(iii) Interest may be levied if the there is any tax liability to be discharged by you.
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