Non filling of return
This query is : Resolved
18 August 2012
One of my client has gross receipt of more than 1crore in Previous year 20010-11 and it also got its Books of Accounts audited but unfortunately could not file its return till date.
What may be the penalty ?
Whether it is covered u/s 271F
What may be the penalty ?
Whether it is covered u/s 271F
19 August 2012
Yes it covered under section 271F, if caught. You can advise him to file now and seek condonation voluntarily rather then waiting for notice.
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19 August 2012
it is better to file return now.
20 August 2012
It attracts penalty u/s. 271F and 271(1)(C), if income is more than basic exemption limit and tax is due as per return.
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