What will be the penalty if we late file income tax return for Partnership firms having turnover below 40 lacs. is there any penalty for late filing of fbt return.
01 October 2008
Yes u/s 271FB If an employer, who is required to furnish a return of fringe benefits, as required under sub-section (1) of section 115WD, fails to furnish such return within the time prescribed under that sub-section, the Assessing Officer may direct that such employer shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.]
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