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Big Iron (Officer)     12 September 2012

Tax return not filed

Hello experts,

 

I've not filed ITR for last two years.

However TDS is submitted by my comapany.

 

I filing ITR mandatory? What could be the consequences if I dont file?



Learning

 4 Replies

R RAJAGOPALAN (ADVOCATE)     13 September 2012

 

Reply: The suject is a bit too vast to be fully discussed here.

It appears that your source of income is 'salary' only, and that TDS has been correctly done by your employer.

Despite the TDS done, you are required under 139(1) of the Income Tax Act 1961, to file your return, unless you are eligible for the exemptiion granted   in the       NOTIFICATION NO. 9/2012 [F. No.225/283/2011-ITA(II)], dated 17-2-2012 which is for the AY 2012-13.

If you do not file your return, you are liable for interest, penalty, loss of any tax refund, loss of any carry forward of loss etc. 

1 Like

Big Iron (Officer)     13 September 2012

Thank you!

 

Your answer serves my purpose!

 

Regards,

VIVEK NAIK (Senior Financial Advisor)     15 September 2012

hi

I agree with Advocate R Rajagopalan's view.However I would like to add & request u to file ur returns at the earliest before one of the two returns become time barred.If u are planning to go abroad.apply for loans etc,then u may be in difficulty,if u avoide filing return at the earliest.

efuture (Developer)     17 September 2012

Yes it's mandatory . You can file the income tax return as soon as possible.


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