NTH :: Not filed I-T returns? You face jail & fine


TNN | Aug 17, 2013, 03.18 AM IST | Times of India

NTH

MUMBAI: Those defaulting in filing income tax returns are liable to prosecution, the I-T department has said.

If the tax evaded exceeds Rs 25 lakh, the defaulter can be sentenced to a minimum imprisonment of six months and maximum of seven years, besides being asked to pay a fine. If the tax evasion amount is less than Rs 25 lakh, the imprisonment could range between three months to two years in addition to fine.

Recently, the additional chief metropolitan magistrate, New Delhi, sentenced a taxpayer to six months’ imprisonment in one assessment year and one year imprisonment in subsequent assessment year for repeating the offence of not filing income tax returns.

Source : http://goo.gl/gwUMaJ

Leave a Comment / Feedback / Say a good word!

Fill in your details below or click an icon to log in:

Gravatar
WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s