non filing of Return of income of Firms

This query is : Resolved 

08 December 2008 Does non filing of ROI of Firms of previous years attract penalty.

08 December 2008 Sec As per 139(1) of Income tax act,1961 the firm must file the return of income even the firm has no profit in the said previous year

08 December 2008 Yes penalty occurs and the amount will be Rs. 5000.




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