Due Date for IT Return for Firm crossing 40 lacs

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S. Chowgule (Querist)
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21 September 2010 Respected experts,

It is being rumored that for the FY 2009-10 the due date for IT Return for Firm crossing 40 lacs (income 42 lacs) has been extended till 31 OCT 10. Is the same true. Is any notif. been issued?

Sirs, in the above case what are the penalties, Firm crossing 40 lacs (income 42 lacs), that a firm could face for late filing of returns.

Regards.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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21 September 2010 No there is no such news of extention as yet. Only rumours.

If firm does not file return in time then penalty of 1% of turnover or rs. 1 lakh can be levied. So in your case it would be Rs. 42,000/-.

S. Chowgule

S. Chowgule (Querist)
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21 September 2010 Thank you sir.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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21 September 2010 U can also thank by using thank user icon.

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