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.
Abic and Mani Chartered Accountants
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