02 February 2014
FOR SHOWING LESS THAN 8% PROFIT, IF ASSESSE HAS NOT FILLED INCOMETAX RETURN WIITH THE AUDIT... JUST REGULARLY FILLED HIS RETURN...
WHAT ARE THE PENALTIES NOW HE HAS TO PAY.. FOR THE F.Y. 2012-13.
HIS GROSS SALES IS 61,28,500/- , BROKERAGE INCOME IS- 1,79,320/- AND OTHER INTEREST INCOME ON LOAN GIVEN IS 76,875/-... TDS-20,800/- AND 80C- 46,100/-.
GROSS PROFIT- 1,09,766/- , NET PROFIT HAS BEEN SHOWN IS 1,65,510/-.
02 February 2014
AO has many options inter-alia to reject books of accounts and go for best judgement assessment. Alternatively he can go for presumptive profit rate and do assessment. Besides it is assumed that assessee had not maintained books of accounts, so he can invoke penalty for not maintaining books u/s 271A... Besides this he could also levy section 271.
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