Late filing of Income tax Return

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BIJAY MITTAL (Querist)
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08 May 2008 The assessee have not filed his return of income for last four years.The income for all those years exceeds the exemption limit and hence he was liable to pay the taxes.These all might had happened due to the ignorance on the part of the assessee.Now the assessee wishes to pay the taxes and file the return for all those years.My question is whether it is possible to file the return provided that the assessee is ready to pay the penalty if any demanded by the I.T department.

Amit Sharma

Amit Sharma (Expert)
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08 May 2008 Dear Bijay,

Yes it is possible athough the weightage of penalty would be extremely heavy, if you are saying that he has paid tax for 4 years.