Not paind income tax for past 2 years

 the exemption limit for personal income tax was being enhanced from Rs 1,80,000 to Rs 2,00,000, even as the limit for peak rate was being raised to Rs 10,00,000 from Rs 8,00,000.

Dear Saxena,

If the Company has deducted tax properly, that is to the extent you are liable to tax, the company has deducted tds & deposited to the government and you dont have any other sources of Income for the last 2 year, then you will not face any from in future, because there is no evasion of tax in your case. but let me aware you earlier it is mandatory to file the income tax return if your taxable income was above the exemption limit even though the tax has been deducted properly, but relax although it was mandatory you have not done any tax evasion you will not face any problem, further to make it more flexible the governemnt has removed the clause of mandatory filing of return for salaried person upto 5 lacs, it means if your taxable salary is upto 5 lacs and proper tax has been deducted then now onwards it is not mandatory to file the return

Regards

CA Vinay Parmar

I agree with Vinay. but i suggest you file belated return. There is no evasion of tax in your case, assuming you dont have any other sources of income. File belated returns and you should be fine.

But penalty may be imposed by ITO a maximum Amount of Rs. 5000/- bcz it already lapse the time period ..Nimish Jain

Hi Saxena,

I agree with vinay. There is no need to file the return for salaried(no other income except interest<10k).

But it is always bette to file the return for the following reasons

-for applying loans( 3 yrs returns are required)

-for visa

-for claiming refunds

-acts as a legal proof of income earned

-for C/F and setoff of losses

You can file belated return. Practically there is no penalty levied by the department.

Regards,

Ashok