15 March 2011
A person has forgot to file the returns for the Assessment year 2008-09. Now has received a letter from the Income Tax Department asking to furnish the returns. He has quite a bit of income around 8 Lakhs but quite a bit of TDS as well to his credit. He is a professional and has some expenses which will bring down the income considerably. If he has to pay around Rs.20000 tax with interest now is there is any penalty which could be laid upon.
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