Non-filing of tax audit return for the f.y 2007-08
This query is : Resolved
28 July 2011
Today one person came to my office with Income Tax TDS certificate for the F.Y 2007-08 and 2008-09 with a turnover of Rs,50 Lakhs and 75 Lakhs respectively. But both years coming under tax audit. If I have filed these two tax audit returns now, what are the consequences will face from the department, and give best advise
31 July 2011
The consequences are many.
1. Penalty of not getting Tax Audit done within time u/s 44AB. 1 lakh or 1% of the turnover.
2. Penalty for non filing of return. minimum 5000.
1. Penalty of not getting Tax Audit done within time u/s 44AB. 1 lakh or 1% of the turnover.
2. Penalty for non filing of return. minimum 5000.
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