Important query: implication of filling itr after the due da

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2011 Dear Friends and Experts

Wish to know the implication of delay in filling I.T.R after the due date mentioned u/s 139 under the various scenario:

1. Assessee covered under tax audit u/s
44AB/ 44AD and not filled ITR upto 30th
Sept, 2011.

2. Assessee not covered under tax audit
u/s 44AB/ 44AD and not filled ITR upto
30th Sept, 2011.

Thanks in advance for clarification

Pragnesh

Pragnesh (Expert)
Follow

18 September 2011 Penalties due to non compliance :-

1. If assessee convered under Tax audit then : 0.5% of total sales, turnover or gross receipts, or Rs. 1,00,000 whichever is less

2. If assessee not convered under tax audit : Rs.5000/-

Note : Current year's business loss will not allowed for c/f. in both the case.

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2011 What will be the position in 2nd case???
You have not clarified the same?

Upgrade to CAclubindia Pro. Subscribe Now!

Pragnesh

Pragnesh (Expert)
Follow

18 September 2011 Penalty will be Rs.5000/- if assessee does not conver u/s. 44AB/44AD and not furnished return on timely basis.

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2011 Well wish to bring in your kind notice that the penalty for non audit in proper time is Rs 150,000 or 0.5% of turnover which ever is lower.

You mentioned it as 100000 instead of 150000

Pragnesh

Pragnesh (Expert)
Follow

19 September 2011 You are correct penalty is Rs.150000/- or 0.50% of Turnover which is less, Apologize for providing old penalty detail.