Tell me any body
a peron who is a salaried employee whos income was more than exemption limit .but dont file his income tax return in previous year but in current year (assessment year 2008-09) he want to file his return .
Will he become liable for any penalty?
yes he has to pay penalty of rs 5000/-
Firstly, rs. 5000/- would be the maximum penalty for late filling of Income tax Return. Secondly, u have to pay the calculated tax and interest thereon.
If you want any information regarding to file the return, You can call me on my mobile no. 09811133560.
CAclubindia
