05 August 2010
YES IT IS COMPULSORY. The Efiling of ITR 4 has been made compulsory by the Income Tax Department for the Assessment year 2010-11 for those individuals and HUFs who are required to get their accounts audited u/s 44AB of Income Tax Act by a notofication No.49/2010[F.No.142/15/2010-TPL], dated 9-7-2010.Earlier it was only Firms who were liable to get their accounts audited u/s 44AB and the companies were compulsorly required to file their ITR online.
05 August 2010
IF YOU ARE ELIGIBLE FOR TAX AUDIT THEN U/S 271B PENALTY WILL BE 1/2% OF TURNOVER OR RS. 100000 WHICH EVER IS LOWER. AND AS IT WILL BE TREATED AS INVALID RETURN , PENALTY U/S 271F WILL BE RS. 5000 FOR NON FILING OF RETURN.
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