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.