What idf Wealth tax was not filed

What idf Wealth tax was not filed - Printable Version

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What idf Wealth tax was not filed - ashar187 - 10-25-2010

Assalaamua alaikum

My employer paid taxes on my behalf from 2007 until now. Only this year, I realized that I did not file ITax for 2009. However, that also meant I missed filing wealth statement. My question is

1) Since there is no wealth tax, is there still any penalty for missing wealth statment from the previous years 2007 until 2010?
2) Can I still e-file for 2010 as I missed filing for 2009.

Please reply clearly.

Thanks,
Ashar

- LapTop - 10-25-2010

Where any person fails to furnish a return of income or a statement as required under section 115 or wealth statement or wealth reconciliation statement or statement under section 165 within the due date.

Such person shall pay a penalty equal to 0.1% of the tax payable for each day of default subject to a minimum penalty of five thousand rupees and maximum penalty of 25% of the tax payable in respect of that tax year.

- ashar187 - 10-25-2010

I donot have any other source of income other than the company I work for. In that case, there is no tax outstanding as my company has paid.

Is my understanding correct?

- alialiali - 12-11-2010

IF YOUR SALARY INCOME LESS THAN RS. 500000 & NO HAVE ANY OTHER SOURCE OF INCOME, YOU ARE NOT REQUIRED TO FILE INCOME TAX RETURN & WEALTH STATEMENT.

- Riftaj - 12-11-2010

MR Laptop, is it necessary for salary person if his salary 600000, to return i tax i mean wealth statment???????/

thanks

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by ashar187
 I donot have any other source of income other than the company I work for. In that case, there is no tax outstanding as my company has paid.

Is my understanding correct?
<hr height="1" noshade id="quote"></blockquote id="quote">

- alialiali - 12-13-2010

IF YOUR SALARY INCOME RS. 500000 OR MORE, YOU ARE REQUIRED TO FILE INCOME TAX RETURN & WEALTH STATEMENT BY E-FILLING