Tax

This query is : Resolved

Sunil Agarwal (Querist)
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16 July 2009 Suppose a company/firm/propritorship concern having turnover more than 40 lac than he is liable for tax audit u/s 44AB. Now I want to ask what happen if they do not get their account audited and also does not filed return also.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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16 July 2009 For accounts not getting audited, there is a penalty u/s 271B of 1/2% of Sales/ Turnover/ Gross Receipt/ subject to a maximum of 1lac

Non filing of return may tentamount to concealment of income and as a consequance a penalty u/s 271(1)(c)