Otherwise Penalty of Rs. 100/- per day for failure to furnish return under sub-sections 4A and 4C of Section 139 [Section 272A(2)]. Similarly penalty of Rs 100 per day can be levied for delay in submitting Audit Report in Form 10B/10BB (272A)(2)(g)
30 October 2012
ok, now fact of the case as under.,
I have one educational charitable trust. we have filed almost our return after due date as mentioned u/s. 139(1) because all previous years there was loss. now this year (i.e. FY 2011-12) we have earned some profit but we have still not filed our return. now my question is
Whether we have to pay tax on such profit (eventhough we have exemption certificate and applied more than 85% income for charitable purpose)or we have just pay only interest for not filling return within timelimit.
30 October 2012
No, But Saying is iT is Advisable to File & Get Audited Within Due Date. Since This is Case of Exemption, & It May Withdrawn by AO at Any Time.
CAclubindia
