I have not file Income tax return yet

I earn 2.75 lack in 2010 and 2.30 lack in 2009. all this amount deposited by cheque to my 3 diffrent account or what are the other detail you need.

i am doing web designing work and i been paid by hydarabad company bu cheque. I am worried about panalty. income tax department may ask me why i have not submitted IT return yet.

You can File Belated Return for Assessment Year 2009-10 (Financial year 2008-09 ) till 31.03.2011 : No Penalty will be Levied.

For the Financial year 2009-10 you can still file the return...enough time..no worry.

but what about previous year i have not file income tax return for year 2008 -2009. Infact i have not file yet income tax return in my life. this will be the first income tax return. So IT Offical may ask why i have not file return though my income is taxable

If you have only Salary Income and Interest(other sources) [Filed using ITR-1] there is 101% Chance that your case will be processed without any queries. Even in other cases such queries are rarely asked. To avoid any problems please E-File your returns rather than physically filing it.. 

Originally posted by : ronnie
	i am doing web designing work and i been paid by hydarabad company bu cheque. I am worried about panalty. income tax department may ask me why i have not submitted IT return yet.

during the course of web design, u have paid internet fees, telephone, domain charges, hosting charges, and maybe some salary / electricity bills, u are eligible to deduct these as business expenses, ( in other words, adjust the the profit to non taxable limit by expenses) , file your return for finance year 2009-10 before 31-03-2011, 

a fair calculation for 29 age

assume u earned 1 lacs per annum and spent 50% of that in drawings 

so from 19 years of age ............... 

50000x10 years = 5 lacs savings u can have ..........without filing return even ............

You don't have to worry at all , coz everything is in arms limit at present in your case. 

please mention if any of the companies deducted TDS from you ?

Dont Worry. The amount involved is too less for an Income tax officer to waste his time on. File return for the Financial year 2009 - 10 as soon as possible. And forget about previous years. 

I beg ur pardon Mr. ravikant choudhary ,How can u say that he will not be pennalised If he files retun of A.Y.2009-10(F.Y.08-09) ther will be a penalty of Rs 5000.In this case he can only file return of A.Y.10-11(with intt.)

@ Sagar...Please re-confirm your views...

The Power to levy penalty for late filing of return is a discretionary power of the Assessing Officer and it comes into picture only after the end of One year from the end of the Assessment year concerned i.e. only after 31.03.2011....

But Sir, If A.O. levied Penalty Then...........(As U said its discritionary power)

If A.O. exercises his discretionary power and levies penalty...then one will have to pay it...