I AM RUNNING A PROPRIOTERSHIP FIRM AND MY TURNOVER UNDER 1 CRORE, BUT I COULD NOT FURNISHED MY BALANCE SHEET ON DUE DATE NOW I AM FURNISHING MY BALANCE SHEET , PLEASE LET ME KNOW IS THERE ANY CHARGES / PENALTY OR INTEREST WILL LEVIED ON ME. PLEASE REPLY ASAP.
01 October 2015
If you show profit below 8%, penalty u/s 271B (0.5% of total sales or Rs. 150000 which is less) and interest u/s 234A (1% p.m on total tax payable) will be levied. While of you show profit at or above 8%, only interest u/s 234A will be levied.
CAclubindia
