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?
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.
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.
VIVEK NAIK (Senior Financial Advisor) 15 September 2012
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.