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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2010 i was liable to tax audit for P.Y. 2008-2009 but i did not file my income tax return and not get audited my a/c's

what to do now?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 May 2010 File ur return immediately along with tax audit report. penalty can be levied by the A. O. u/s 271B a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, whichever is less. However u can give a reason for why tax audit was not done on time and if it a reasonable cause then penalty may not be levied.