I am a salaried employee in a Public Sector Bank in india. In 2003 I have not filed IT return due to my frequent transfers during April-Sept. Afterwards I am not able to muster courage to file IT return with one year failure to file IT return. Now I want to file IT return. All these years my employer is deducting tax to the last paise and remitting the same to IT department promptly. I have not concealed any income from my employer.
2007-03-06 02:43:27 · 5 answers · asked by amkrishna1957 1 in Business & Finance ➔ Taxes ➔ India
If you are not having any other income other than your salary income, and if your employer deducted tax from your salary and remitted the same to the I.T. department in time as per the rules governing from time to time, there is not much to worry. You can file I.T. Returns of the previous two years, before 31st March of this year. That is for the year ending 2004-05 & 2005-06, along with details of your salary income as given in Form-16 given by your employer with out any penalty. However you are liable to pay a penalty of Rs.5,000/- for not filing the I.T. return pertaining to the year of 2002-03 in time. You better contact any auditor and file all the three years returns before 31.03.2007. Since you are an employee and paid the taxes in time through your employer, you may be condoned for filing the returns late if you can provide a valid reason like sickness in the family etc. if at all you are asked to pay the penalty for late filing of return for the year 2002-03. Anyhow try to file the returns immediately through a auditor. This suggestion is to you, if you are a citizen of India.
2007-03-06 04:16:34 · answer #1 · answered by arpita 3 · 0⤊ 0⤋
If you are not having any other income other than your salary income, and if your employer deducted tax from your salary and remitted the same to the I.T. department in time as per the rules governing from time to time, there is not much to worry. You can file I.T. Returns of the previous two years, before 31st March of this year. That is for the year ending 2004-05 & 2005-06, along with details of your salary income as given in Form-16 given by your employer with out any penalty. However you are liable to pay a penalty of Rs.5,000/- for not filing the I.T. return pertaining to the year of 2002-03 in time. You better contact any auditor and file all the three years returns before 31.03.2007. Since you are an employee and paid the taxes in time through your employer, you may be condoned for filing the returns late if you can provide a valid reason like sickness in the family etc. if at all you are asked to pay the penalty for late filing of return for the year 2002-03. Anyhow try to file the returns immediately through a auditor. This suggestion is to you, if you are a citizen of India.
2007-03-06 19:38:04 · answer #2 · answered by Anonymous · 1⤊ 1⤋
Contact the IRS. DO NOT WAIT! If you wait till they call you, they are less likely to bargin with you. If you go to them first you are more likely to be able to cut a deal.
Hopefully you didn't make enough to owe taxes. If you have back refunds, you won't be in as big of a bind.
Other than that, I would go to IRS.gov and do some reading.
2007-03-06 02:49:43 · answer #3 · answered by TJS 2 · 0⤊ 0⤋
You can file the return now.
2007-03-06 02:48:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
better late then never..
2007-03-06 19:35:12 · answer #5 · answered by James Bond 1 · 0⤊ 0⤋