Late Fine/ Penalty for Audited Balance Sheet & ITR FY 2007-
This query is : Resolved
10 November 2008
My Client is a Prop. Firm with a turnover of Rs. 62 Lacs. for the year 2007-08. His Net Profit is Less than the taxable limit of Rs.110000.
He was unable to file ITR by 30 Oct.2008 because of Health Problems (Hospitalized).
What will be the Penalty/fine for late filing of ITR?
He was unable to file ITR by 30 Oct.2008 because of Health Problems (Hospitalized).
What will be the Penalty/fine for late filing of ITR?
10 November 2008
Penalty is 1/2% of the turnover or Rs 1,00,000/-whichever is less.-Reference section 271B.
10 November 2008
Is it business? Then tax audit also is applicable to him. Hope he has complied with that. In such a ccase, as he has no tax liability, he may not have penalty for delayed filing upto 31st March 2009. If he has not complied with the audit also, then he will be liable for penalty u/s 271B.
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