Havent file taxes since 2003?
I am an over the road truck driver and enjoy not file taxes since 2003 and want to know what to do and if I am facing some problems ahead.
Answers:
If your annual income is more that INR 50,000. u inevitability to database the return even though no levy requirement to be remunerated ( even though deep-seated exemption is Rs. 100,000 u inevitability to record the return). If u want to claim the settlement surrounded by the Assessment Years closing moments 2003, 2004,2005, 2006 and 2007 ( if any), after also u call for to folder the return. Check beside the situation contained by which you are and want whether u obligation to record the retun. Otherwise no probelm within not nourishing the retun.
Find a toll professional to folder them for you or do it yourself. You might find you enjoy refund coming. Yes, you could obverse tons problems ahead.
Well, yes you probably are facing problems ahead. Gather up adjectives of your information and acquire it file - if you are not within a position to do it yourself, steal your paperwork to a CPA.
If you owe taxes, within will also be interest and penalty for those years, but they'll hold on to accumulate until you capture this taken carefulness of. If you hold a reimbursement coming for any year, here won't be any penalty for in arrears file - and you can still capture your discount for 2004 or after that.
You have need of to own them file as soon as possible. You may or may not hold problems. If you enjoy taxes owed you will be suject to interest and penalty (the penalty might be waive if you co-operate). However if you owe no taxes you will not be penalize and if you enjoy a settlement due you will still receive it.
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Answers:
If your annual income is more that INR 50,000. u inevitability to database the return even though no levy requirement to be remunerated ( even though deep-seated exemption is Rs. 100,000 u inevitability to record the return). If u want to claim the settlement surrounded by the Assessment Years closing moments 2003, 2004,2005, 2006 and 2007 ( if any), after also u call for to folder the return. Check beside the situation contained by which you are and want whether u obligation to record the retun. Otherwise no probelm within not nourishing the retun.
Find a toll professional to folder them for you or do it yourself. You might find you enjoy refund coming. Yes, you could obverse tons problems ahead.
Well, yes you probably are facing problems ahead. Gather up adjectives of your information and acquire it file - if you are not within a position to do it yourself, steal your paperwork to a CPA.
If you owe taxes, within will also be interest and penalty for those years, but they'll hold on to accumulate until you capture this taken carefulness of. If you hold a reimbursement coming for any year, here won't be any penalty for in arrears file - and you can still capture your discount for 2004 or after that.
You have need of to own them file as soon as possible. You may or may not hold problems. If you enjoy taxes owed you will be suject to interest and penalty (the penalty might be waive if you co-operate). However if you owe no taxes you will not be penalize and if you enjoy a settlement due you will still receive it.