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For the Assessment Year 2006-2007 ( Financial Year ending on 31-03-2006 ) Due Date for filing of return has been extended up to 31 october 2006 for the assessees having income from business or profession.

If you dont file the Return of income before due date and even before end of the assessment year ( in this case before 31-03-2007 ) then penalty upto Rs.5,000/- can be levied by the Authorities.

If the tax is due, then you need to pay interest u/s 234A, 234B and 234C as applicable @1% p.m. on the tax due and not paid in time.

For more information, visit http://www.meraconsultant.com

2006-08-10 09:42:35 · answer #1 · answered by solutionask 3 · 0 0

First tell about what source of income you have. due date for filing of return has been extended up to 31 october 2006 this is only for the business person whether above or below 40 lacs. If you are a business person and your income is below taxable limit also you have to file the return. For others than business person if it is below taxable limit no need to file the return. If you have taxable income then 1% permonth interest will be charged till the date of filing the return. Final and important thing is the return for the A.Y. 2006-07 has to be filing before 31.03.2007 to avoid penalty of Rs.5000/-

2006-08-08 00:42:28 · answer #2 · answered by nirmalkumarlenin 2 · 0 0

I guess you are from India. If you have paid your taxes in full, then there is no penalty in late filing of return, Just fill up your return, enclose all requirements and present it to I.T. Office for filing. If you have any balance tax to be paid, then first you will have to deposit balance tax, interest and penalty for late filing. Thereafter, file the return enclosing copies of challans in proof of having paid balance tax, interest & penalty.

2006-08-07 22:17:44 · answer #3 · answered by Geepee 5 · 0 0

go to Jackson Hewitt or H&R block and file an Amendment

u'll pay extra money but u will be able to file up to 3 years if u r such a lazy a$$

2006-08-07 21:41:46 · answer #4 · answered by Anonymous · 0 0

find all you need, including forms for late filing and contact numbers for the IRS to work out payments at www.irs.gov

2006-08-08 18:28:34 · answer #5 · answered by Ananke402 5 · 0 0

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