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What if Tax Returns Not Filed ?

What if Tax Returns Not Filed ?

Tax Returns Not Filed
In case the notice is to remind you that you have not filed your tax returns yet, do so without any delay. The IT department can remind you about unfiled returns for the previous 6 assessment years.

Delays in tax filing can sometimes lead to a penalty of up to Rs.5000 per year. If there are taxes unpaid in such cases of delayed filing, the assessee is charged 1% interest per month from the due date.

If you are not required by law to file a tax return, then reply to the IT department clarifying this fact.

Investments in the name of spouse
Many individuals resort to purchasing assets in the name of their spouse, children or other close family members in the hope of evading taxes. Assets in this case refer to any kind of investment like land, buildings, fixed deposits, mutual funds, shares, debentures etc.

Let’s say you bought mutual funds in your wife’s name. As per section 64 of the Income Tax Act, any income you generate out of these mutual funds is still considered your income and YOU will be taxed for it.

You need to ensure that you declare such income at the time of filing your return, else you will attract attention from the taxman and receive a notice for the same.

What if Tax Returns Not Filed ?

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