10 June 2013
Assesse received a contact value of Rs. 85,00,000/- and an amount of Rs. 1,50,000/- was deducted as T.D.S. After getting the accounts audited u/s 44AB, assessee could not submit his Income Tax Return for the A.Y. 12 - 13 upto 30th September, 2012 which is still pending. What is the remedy available to assessee now?
11 June 2013
Income tax return can be filed now. Penalty proceedings can be initiated u/s 271B. If so, seek relief u/s 273B by showing a reasonable cause for the failure to file return in time.
11 June 2013
For failure to file return on or before 31 March 2012 (in this case)penalty attracts u/s. 271F but not u/s. 271B. If the audit is completed and report is signed by auditor before due date prescribed u/s. 139(1), no penalty will attract u/s. 271B.
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