Hi, i did not file ITR for FY 2014-2015 (AY 2015-2016).
My income (mostly from salary and FDs and savings Account) was around 20 lakhs. TDS had been paid for salary and FD both and it shows in form 26AS (Around 2.6 lakhs in TDS was deducted) But still i have to pay around 100000 in TAX (because of some miscalculation in income in form 16 since i changed my job in that year and some interest on savings account)
If i pay income tax and interest now will it be accepted (we can file ITR for AY 2015-2016 till march 2017 under section 139(1) with 1% interest per month under 234A, 234B and 234C) ?
I do not have to deposit anything in cash since everything is in bank accounts only and that is alreay linked to PAN number.
What are the chances that i file ITR, i will be charged under 270 A and i will have to pay 200% penalty.
Even if 200% penalty is levied will it be on total tax (around 3.7 lakh i.e around 7.4 lakhs) or remaing tax i have to pay (3.7-2.6 lakh already paid in TDS = 1.1 lakh so penalty = 2.2 lakh) since i had not filed ITR ?
All other years ITR is duly filed ( last 6 years) apart from AY 2015-2016.
CAclubindia
