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Querist : Anonymous (Querist)
24 September 2011 Filing returns of partnership firm and those of partners has been delayed by nearly by nearly a year. What would be the penalty.
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Pragnesh

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Pragnesh (Expert)
24 September 2011 1. If assessee convered under Tax audit then : 0.5% of total sales, turnover or gross receipts, or Rs. 1,50,000 whichever is less

2. If assessee not convered under tax audit : Rs. 5000/-

Note : Current year's business loss will not allowed for c/f. in both the case.

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