What then is the tax on total income ? • Have I paid advance tax ? • But what if I had unanticipated income and capital gains ?
Top Do I have to submit a tax return even if I have no taxable income ? Yes, you do. You will still have to file a return. Nobody can escape filing a tax return sooner or later. Top Do I have to submit a tax return even if I am only a salaried employee ? Yes, you do. It does not matter that you are a salaried employee whose taxes are fully deducted at source anyway. You will still have to file a return. Top What happens if I do not file a tax return ? Where, as a result of failure to file the return, the tax evasion exceeds Rs. 1 lakh, the penalty is a fine and imprisonment that could vary in term between 6 months to 7 years. In other cases, it could be a fine and imprisonment of 3 months to 3 years. Over and above this, Sec. 271F imposes a penalty of Rs. 1,000 for late furnishing of returns in normal cases and Rs. 500 for those which fulfill certain criteria.
