CA in Practice
35867 Points
Posted on 25 August 2010
Then dont file the return till the time there is no money to pay income tax.
First of all Tax is payable on income. So some money must be there to pay taxes as the tax rates are max 30%. So even after spending 70% of your income you have money to pay taxes.
In case tax payable is more than Rs. 10,000 then u are supposed to pay advance tax and if the same has not been paid then penalty u/s 221 for non payment of taxes can be levied by the A. O.