13 August 2010
Sir if i do not submitted my tax audit report and return before 30th sep . in this case how much penalty will charge by income tax department.may i submite my tax audit report and return after 30 th sep without any penalty
13 August 2010
With the Finance Act 2010 the limit of penalty u/s 271B has been enhanced from 1,00,000 to 1,50,000 from 01-04-2011 i.e. from A.Y. 2011-12 onwards. However, for the current A.Y. 2010-11 penalty will be resticted to 1,00,000 as mentioned by Mr. Sanat Pyne
CAclubindia
