penalty regarding late return filling

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Deepak (Querist)
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03 October 2008 I want some details regarding penalty of late return filling. My business trans in more than 40 Lacs & it was required tax audit report. tax audit was completed but return of IT was not filled. FY 2007-2008

CA Gaurav Khanna

CA Gaurav Khanna (Expert)
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03 October 2008 The Return of Income can be filed by one year from the end of relevant a/y u/s 139(4)

271B. If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred thousand rupees, whichever is less.