Late filing of ITR for the FY 2006-07

Income Tax Returns for the FY 2006-07, if filed on or after 1-4-2008 attracts a penalty of Rs.5000/-.
If you have a valid reason for not filing the ITR in time then ITO may not levy the penalty. You can give your contentions when ITO sends a notice ‘why the penalty should not be levied’.
Information/documents and the procedure required to file the late ITR is same as of current year.
Details for filing Income Tax Returns are available at http://taxkiller.in .

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