Penalties & prosecutions
This query is : Resolved
06 March 2014
Dear Sir,
If a person has been issued a notice for "Non-Filing" of return of income by the dept then what all penalties or prosecutions can be imposed on the said person ..
If a person has been issued a notice for "Non-Filing" of return of income by the dept then what all penalties or prosecutions can be imposed on the said person ..
06 March 2014
refer section 271, 271F.
06 March 2014
Sir,
Referring to the above sections, the assessee will be held with the given penalty. But as the person has not filed his ROI since F.Y.2009-10 and has been demanded an explanations on the transactions detected in AIR, in such case will he be only held the penalty U/s.271F or can the prosecution be initiated against him U/s.276CC..?
Referring to the above sections, the assessee will be held with the given penalty. But as the person has not filed his ROI since F.Y.2009-10 and has been demanded an explanations on the transactions detected in AIR, in such case will he be only held the penalty U/s.271F or can the prosecution be initiated against him U/s.276CC..?
06 March 2014
276cc is only applied where tax escaped exceeds Rs 25k.
it is rarely used by tax authorities.
it is rarely used by tax authorities.
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06 March 2014
you are welcome friend....
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