I used to file income tax return earlier but I have not been filing return since three years.…
I used to file income tax return earlier but I have not been filing return since three years. Will there be any problem if I start to file return from this year?
Simply, filing return is disclosure of total income to the government and tax is deducted as per the tax slab.
Filing of return shall be compulsory,
If you have income exceeding basic exemption limit (say 250000)
If you want to claim a refund.
If you want brought forward losses
if you are a Resident individual and have an asset or financial interest in an entity located outside of India or if you are a Resident and a signing authority in a foreign account.
If you have exempt long-term capital gains on sale of equity shares in a company or sale of unit of equity oriented mutual funds, or sale of unit of business trust.
If you are a company or partnership firm, irrespective of profit or loss.
If you have aforesaid incomes then you have to file the return and if not, you will be liable for the penalty for non-filing of return.
