Estimate what is penalty and tax
This query is : Resolved
10 August 2012
Dear sir,
1) Suppose a client not submitted income tax return from 4 years due to some reason for his personal now he is interested to submit return of the A.Y.2012-13 so anybody tell me estimate what is penalty and tax he should pay (he is doing business)and non audit case
1) Suppose a client not submitted income tax return from 4 years due to some reason for his personal now he is interested to submit return of the A.Y.2012-13 so anybody tell me estimate what is penalty and tax he should pay (he is doing business)and non audit case
CA VISHNU GAVKARE
(Expert)
10 August 2012
If the GTI of the assessee is below basic exemption limit then filing return under sec 139(1) is not mandatory. The return can be filed within 1 year from the end of the relevant A.Y. Assessing officer may impose penalty of up to Rs. 5,000 if return is filed after the end of relevant A.Y. If you want to file return of A.Y. 2012-13 alone then you can without any penalty. if you want to file return of earlier years then can only of A.Y. 11-12 and not before that for which A.O. may levy penalty up to Rs. 5,000/-
11 August 2012
Dear sir
Thank you so much for your valuable information
Regards
RAMESHA.M
Thank you so much for your valuable information
Regards
RAMESHA.M
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