Income tax
This query is : Resolved
01 March 2015
One of my relative has been doing unregistered Handloom Business since 4 years. He has a C/A (PAN given) in the name of that firm. The transactions in that account are very fluctuating but in lakhs say 10L-20L a month. He hasn't filed IT returns till date. Now my question is that Is there any problem in this regard? Experts kindly help me out with a solution. Thank You.
01 March 2015
Work out the profit and pay the taxes and file the return before March for the past 2 years.
Non filing of return and non payment of tax will land you in payment of interest and penalty.
Non filing of return and non payment of tax will land you in payment of interest and penalty.
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