i got commission of Rs.3,75,600/- for the year ending 31.03.2008, the net profit was Rs. 1,66,038/-, but i did not file the income tax return till date, please let me know what amount of penality and income tax with intt i have to pay, tds deducted by the party is Rs. 37,099/-
18 November 2009
"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"
Querist :
Anonymous
Querist :
Anonymous
(Querist)
18 November 2009
sir is this pentality have to deposit before the submition of return or after demanding the assessing officer
18 November 2009
It is the discretion of the assessee to pay penalty or not up to the demand is raised by the A.O. It is advised to pay penalty on demand by the A.O.