10 August 2012
Ms Sumedha, It is a huge problem awaiting for some one. If he is not registered also it adds to it.Note it as follows 1) For not registration so far,penalty upto Rs 1lakh.2) for not filing returns R10,000/-(for each monthly return.3)Penalty as sec89 up to rs 50,000/-(for each return.4) Interest @2%/pm(pl check up could be 1.5% also).5) Plus prosecution with fine and imprisonment(may be both).6)An investigation by intelligence officers who would add their own estimation of turnover and tax with interest and penalty. See Secs 86 and 89 and others for further details. If caught,assessed and the levies are recovered the dealer will end up by paying taxes four times more than the actual amount due.....MJK
10 August 2012
Ms Sumedha, It is a huge problem awaiting for some one. If he is not registered also it adds to it.Note it as follows 1) For not registration so far,penalty upto Rs 1lakh.2) for not filing returns R10,000/-(for each monthly return.3)Penalty as sec89 up to rs 50,000/-(for each return.4) Interest @2%/pm(pl check up could be 1.5% also).5) Plus prosecution with fine and imprisonment(may be both).6)An investigation by intelligence officers who would add their own estimation of turnover and tax with interest and penalty. See Secs 86 and 89 and others for further details. If caught,assessed and the levies are recovered the dealer will end up by paying taxes four times more than the actual amount due.....MJK
CAclubindia
