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Yogi Zone

Useful articles for your finance management by our team of experts

filing for tax returns

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Q: I am 20 years old and have a pan card . Am earning 12.0L annual.What will happen if I don’t file tax returns

Answer:We are assuming that your employer is deducting the tax at source (TDS). It is mandatory for every tax paying citizen to file an IT return. You can  do so till 31st March 2010 after which a penalty of Rs 5000/- can be levied by the assessing officer. Read more about it

here.

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).You can prepare your taxes on

taxyogi.com

for the assessment years 2009-2010 and 2008-2009.

                                                  

Thanks,
TaxYogi Team

www.TaxYogi.com

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