I am an over the road truck driver and have not filed taxes since 2003 and want to know what to do and if I am facing some problems ahead.
2007-08-16 23:01:38 · 4 answers · asked by cwatk01s 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
If your annual income is more that INR 50,000. u need to file the return even though no tax need to be paid ( even though basic exemption is Rs. 100,000 u need to file the return). If u want to claim the refund in the Assessment Years ending 2003, 2004,2005, 2006 and 2007 ( if any), then also u need to file the return. Check with the situation in which you are and decide whether u need to file the retun. Otherwise no probelm in not filling the retun.
2007-08-17 00:19:06 · answer #1 · answered by Krishna P 1 · 0⤊ 0⤋
Well, yes you probably are facing problems ahead. Gather up all of your information and get it filed - if you are not in a position to do it yourself, take your paperwork to a CPA.
If you owe taxes, there will also be interest and penalties for those years, but they'll keep accumulating until you get this taken care of. If you have a refund coming for any year, there won't be any penalties for late filing - and you can still get your refund for 2004 or later.
2007-08-17 02:43:33 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
Find a tax professional to file them for you or do it yourself. You might find you have refunds coming. Yes, you could face many problems ahead.
2007-08-16 23:07:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You need to have them filed as soon as possible. You may or may not have problems. If you have taxes owed you will be suject to interest and penalties (the penalties might be waived if you co-operate). However if you owe no taxes you will not be penalized and if you have a refund due you will still receive it.
2007-08-17 05:20:29 · answer #4 · answered by Anonymous · 0⤊ 1⤋