Please suggest
This query is : Resolved
05 April 2015
One of my relatives (50 Yrs old) is doing Pawn Broking Business for the past 15 Years. But he has his IT Returns filed only till 2003.Can he file the Returns for the remaining years. Please suggest!
05 April 2015
You can file returns of AY 2014-15 onward. Return of AY 2014-15 will be subject to penalty u/s 271F.
Penalty for failure to furnish return of income (Section 271F) - If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.
Penalty for failure to furnish return of income (Section 271F) - If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.
05 April 2015
You may also take the cervices of a professional to submit the manual return of earlier years provided their is no refund involved.
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