Disclaimer:Any tax advice included in this written or electronic communication or its attachments was not intended or written to be used, and cannot be used, by a client or any other person or entity for the purpose of avoiding penalties that may be imposed on any taxpayer.

Q:I have not filed my return for the last 3 financial years, but as I am salaried the tax was deducted at source. How can I clean up this mess?

Answer:You can file your tax returns late for the past three years. Its good that you have paid TDS, however you will still need to find out your tax liability.If you owe taxes then you will pay a penalty of 1% per month of delay on the taxes due. You can calculate the interest owed using our interest calculator (for AY 2009-2010 and 2008-2009).There is also possibility of a penalty of Rs 5000 (by the assessing officer).You can prepare your taxes on taxyogi.com for the assessment years 2009-2010 and 2008-2009.Read more about late filing on our site.

                                                                                
Thanks,
TaxYogi Team
www.TaxYogi.com