income tax return not filed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2011 if an individual liable for audit under sec - 44AB does not files the return within the due date of 30th september. is he liable for any penalty?? if not then what can be the solution for him ???

CA Pradeep Sharma

CA Pradeep Sharma (Expert)
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12 April 2011 Penalty is 1/2% of turnover or Rs.100000 which is less

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2011 can you please give a detailed solution along with section. and as per my knowledge this penalty is now waived off after introduction of itr4,5,6 etc electronically

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CA Sanat Pyne

CA Sanat Pyne (Expert)
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12 April 2011 penalty will be applicable, if the tax auidt has not been done within due date. You can file the return after the due date.
For that, you have to pay interest on late filing of return.

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2011 can you please suggest me section which i can refer for detailed study

CA Pradeep Sharma

CA Pradeep Sharma (Expert)
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12 April 2011 Section 44AB and 271B of income tax act