Penalty u/s 271c
This query is : Resolved
25 June 2012
Dear sir
While filing of tax return of an individual for a y 10-11, assessee failed to provide tds certificates of interest received from bank and 26as is not verified by us
Manual Return is filed in march2011 showing income of 7 lakhs instead of 17 lakhs claiming refund of rs.2lakhs
Refund is received in april 2011
Also asseessee has paid advance tax properly considering income of 17 lakhs which is in regular range income declared in last few assessment years
But in sept 2011 case is selected for scrutiny due to difference in income range and for verification of tds reflected in 26as and mismatch in tds
Now assessment is going on
There is no problem in paying tax and interest on income earned which remain unclaimed in tax return
But now assessing officer is saying that he will have to issue show clause notice for penalty u/s 271c
Otherwise provide me judgements and proper reasoning to take on records for not initiating penalty proccedings
Please guide us on this issue
This was a clerical mistake and no malafide intention from our side
Also we have paid advance tax accordingly but at the time of filing of return this mistake is happened
Please guide us
Thank u
Urs sincerely
While filing of tax return of an individual for a y 10-11, assessee failed to provide tds certificates of interest received from bank and 26as is not verified by us
Manual Return is filed in march2011 showing income of 7 lakhs instead of 17 lakhs claiming refund of rs.2lakhs
Refund is received in april 2011
Also asseessee has paid advance tax properly considering income of 17 lakhs which is in regular range income declared in last few assessment years
But in sept 2011 case is selected for scrutiny due to difference in income range and for verification of tds reflected in 26as and mismatch in tds
Now assessment is going on
There is no problem in paying tax and interest on income earned which remain unclaimed in tax return
But now assessing officer is saying that he will have to issue show clause notice for penalty u/s 271c
Otherwise provide me judgements and proper reasoning to take on records for not initiating penalty proccedings
Please guide us on this issue
This was a clerical mistake and no malafide intention from our side
Also we have paid advance tax accordingly but at the time of filing of return this mistake is happened
Please guide us
Thank u
Urs sincerely
26 June 2012
THE MOST IMPORTANT :
.
If you have filed the original return within prescribed time; then you can revise the return now but before the assessment is completed.
.
Till Assessment Order is finalized; you can revise the Return.
......................................
If assessment is already completed; then reply of show cause notice could be restricted to emphasis on CLERICAL MISTAKE and no malafide intention to evade the tax.
.
If you can PROVE your contention of CLERICAL MISTAKE; then even if penalties are levied by the officer; you can make an appeal where you would be relieved from the problem.
.
Hire services of an experienced CA/Tax Consultant to avoid further problems.
.
.
If you have filed the original return within prescribed time; then you can revise the return now but before the assessment is completed.
.
Till Assessment Order is finalized; you can revise the Return.
......................................
If assessment is already completed; then reply of show cause notice could be restricted to emphasis on CLERICAL MISTAKE and no malafide intention to evade the tax.
.
If you can PROVE your contention of CLERICAL MISTAKE; then even if penalties are levied by the officer; you can make an appeal where you would be relieved from the problem.
.
Hire services of an experienced CA/Tax Consultant to avoid further problems.
.
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