14 October 2015
My assessee has received letter from IT dept seeking information for AY 2009-2014. For the AY 2009-10 Income was above the taxable limit and Assessee has has not filled IT return for that year. Now he wants to pay such liability. Can he do so? Any interest or penalty ?
15 October 2015
The Assessing Officer will determine the Tax payable along with interest u/s 234A/B/C & 220(2) and would initiate Penalty proceedings which may be 100%-300%. You may voluntarily pay the tax as determined by you and file necessary submission in the course of hearing. This may help you when penalty proceedings are initiated against you. This will also avoid any futher interest liability.
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