Shane has never filed a tax return despite earning excessive sums of money as a gambler. When does the statute of limitations expire for the years in which shane has not filed a tax return?

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Social Studies

Niko Kirby

5 December, 19:07

Shane has never filed a tax return despite earning excessive sums of money as a gambler. When does the statute of limitations expire for the years in which shane has not filed a tax return?

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Miya Mccormick · Answer 1

The statute of limitations remains open indefinitely for years in which the taxpayer fails to file a return.

Explanation:

The tax return is a report filed with details regarding income, expenses and other pertinent tax. It is a formal document that should be filed by every earning person. Almost in every country, tax returns are filed annually for an individual or business with the reportable income.

Section 80C and Section 80D deals with the income tax return. Under this act, filing tax return is mandatory, so that tax deductions can be claimed. If a person fails to file the tax return, the statute of limitations remains open indefinitely for years in which the taxpayer fails to file a return.