29 November 2009
Mr.x dint file the I.T. Return since last 4 years due to lack of I.T. knowledge and a perfect consultant.he was nothing 4yrs b4 but now has made a good money in the last four years. he owns three flat now.if he files I.T. Returns of last 4yrs there comes a huge amount of tax. 1)is there any solution to it 3)will i.t. officers excepts last four years return now 2)wt if he files the I.T. return of the current year only. 3)HE Buys and sells flats + he does it on commission bases also. so is he covered under Income tax only or he will be attracted by other kind of taxes also.
29 November 2009
Fist of all, You have to Calculate your 4 yrs Income as per IT Act & see your Income is taxable or not.. if yes your may track under Interest and Penalty...but besides these you can't file morethan 2 yrs returns as per iT rules.. you need to file your IT returns for 2 yrs with Penalty & interest after your submission of return to AO officer,AO officer decides want to do about your above (belated)2 yrs returns if taxable otherwise no need/requirement to file return.
29 November 2009
sir yes i already wrote that he is facing a huge amount of tax if he files all the four years return. 2)HE Buys and sells flats + he does it on commission bases also. so is he covered under Income tax only or he will be attracted by other kind of taxes also. thank you.
CAclubindia
