17 September 2012
we have done the audit but the society didnot file the return ? whether return filling is compulsory or not if compulsory what is the panelty under which section
17 September 2012
yes. Society also need to file the Income tax return if not filed then section 271F will apply as follows
If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees
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