tax due from FY2006-07

Hi

The tax 40K is due on my friend from FY 2006-07. This mistake happened because he

had received two Form 16 in that year and assumed that tax liability is over since

TDS was deducted by both employers. But now, He can not file a revise return since

it is more than 2 years old. He has not received any notice though from IT deptt. But still he want to pay his tax (even with interest) to get peace of mind. Can something be done now? Please suggest.

Thanks

asked Jul 11 '11 at 18:08 by Amit91 196456


He can file income tax return online too on Income Tax online website.

If he decides to file income tax now, there will be huge interest penalty for late payment of taxes.
There will be interest payable @ 3% per month under section 234A, B and C.

Also income tax department may ask for penalty of Rs 5000 for late return filing.

answered Jul 12 '11 at 15:46 by pankaj 5.2k320

link
Thanks dear Pankaj for your fast response. Since amount is huge in this case, one more query attached to this is: Is it true that IT deptt can send demand notices at maximum last six assessment years. For example, since his tax due is from FY 2006-07, then he can get the demand from IT dept only till AY 2013-14 (6 years). If he doesnt get demand notice, till AY 2013-14, then he will not get ever. Is there any such clause?
(Jul 12 '11 at 17:24) Amit91
Yes, such clauses exists u/s 148, 153A and 153C. But years will be counted from assessment years and not financial years. If there is no notice till March 2014, there will be none after that.
(Jul 12 '11 at 20:43) pankaj

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Asked: Jul 11 '11 at 18:08

Seen: 986 times

Last updated: Jul 12 '11 at 20:43