Aditya (CHARTERED ACCOUNTANT) (179 Points)
10 September 2009PLZ. GUIDE ME
My Assessee , who is a company, whose turnover for the F.Y. 2007-08 (A.Y. 2008-09) is 100 lacs , gets his accounts audited on 10-10-08. but he forgot to e -file the income tax return. Later on he e-file the ITR on 10-8-2009.
I want to know about the penalties he may face
1. Late filing of ITR after the close of A.Y. 31.03.2009 OF Rs 5000/-
2. Late filing on Audit Report u/s 271B ( however it is not to be attached with the e-filing of ITR.)
CA SUDHAKAR
(CHARTERED ACCOUNTANT)
(189 Points)
Replied 22 September 2009
THE COMPANY MAY FACE PENALTY UNDER BOTH THE PROVISIONS. HOWEVER, IF THERE IS ANY REASONABLE OR GENUINE CAUSE FOR DELAY IN FILING OF RETURN (WHICH IS SUPPOSED TO BE FILED BEFORE THE SPECIFIED DATE - 30.09.2008), THE PENALTY MAY NOT BE LEVIED.
vkbothra
(Learning )
(690 Points)
Replied 22 September 2009
CAclubindia
