Fy 11-12,return submitted,assessment done. sec 273 ?

Tax queries 613 views 8 replies

Abhi

Manager

76 Points Joined August 2012

Hi Folks,

Situation :

FY 2011 - 12, AY - 2012-13.. Return submitted on 31-08-12 ( within due date).

Self assessment tax paid ..

Assessment completed in Nov'2012 with some adjustments made for interest u/s 234B and 234C.. i.e - they added interest under the above sections for non payment of advance tax..

Now, we received another letter from ITO stating "You are to show cause why penal action shall not be initiated u/s 273 of the IT Act, for failure to pay advance tax ?

My question is :

1. If the assessment has been completed and interest u/s 234B and 234C already charged for default and deferment of advance tax, can they now ask for show cause for the same financial year ?

2. What to do in the above case since this is a return for my mom who got some gains from anchestral property in Feb 2012 but we failed to pay advance tax by mar 2012..

Appreciate advise..

rgds, Abhi

Replies (8)

shikhar

LEARNER

1394 Points Joined August 2009

HELLO...FRIEND............

THE ORDER OF IMPOSING PENALTY MUST BE PASSED BEFORE THE EXPIRY OF THE FINANCIAL YEAR OR WITHIN 12 MONTHS FROM THE END OF THE FINANCIAL YEAR ..

We got the benefit in a case , so please check out the date of notice .

THANK YOU

SHIKHAR

Abhi

Manager

76 Points Joined August 2012

Originally posted by : shikhar

Thanks for the response Shikhar..

So you mean for financial year 2011-12, the order must be passed latest by 31st Mar'2013 ?

In our case, we have not received the order but only a show cause notice and also asking us to file advance tax for the current financial year ( 2013-14) within 15th Sept..

Is there any link stating the time limitation as mentioned by you.. would be helpful to keep for ready reference.

Thanks, Abhi

HELLO...FRIEND............

THE ORDER OF IMPOSING PENALTY MUST BE PASSED BEFORE THE EXPIRY OF THE FINANCIAL YEAR OR WITHIN 12 MONTHS FROM THE END OF THE FINANCIAL YEAR ..

We got the benefit in a case , so please check out the date of notice .

THANK YOU

SHIKHAR

Abhi

Manager

76 Points Joined August 2012

Another question.. I was checking for section 273 on the net and it seems to be more for reduction or waiver of penalty ( 273A), power of commissoner to grant immunity from penalty ( 273AA) and penalty not leviable if reasonable cause for said failure.. ( 273B)...

Where does the law say they can penalize for not paying advance tax using section 273 ? what are the detailed provisions ?

Seek help..

Abhi

shikhar

LEARNER

1394 Points Joined August 2009

I THINK ITS CURRENT YEAR NOTICE FOR ADVANCE TAX.

ITS COMMON U CAN FIND THIS POINT EASILY........IF U HV READY RECKONER (GARG' S) THEN REFER PAGE NUMBER 181A (NOTE 1)

THANKS

SHIKHAR

Abhi

Manager

76 Points Joined August 2012

thanks for your reply Shikhar.. I am not a student so don't have the book you speaking about..

Did a cursory search on the net and could not find the time limitation..Have also posted the snapshot of the letter received in the other post..

Any possibility to get an online link regarding the time limitation ?

Also unable to find where its mentioned that penalty can be levied u/s 273 ? I only find waiver powers given u/s 273 ?

shikhar

LEARNER

1394 Points Joined August 2009

FRIEND I HAD SEEN YOUR NOTICE.....IT IS FOR FY 2012- 13 AND 2013 -14.........TEL ME YOUR TOTAL TAX ASSESSED FOR CURRENT YEAR FY 2013- 14.........then deposit the 30 % TILL SEP......

IN FY 2012 -13 , WHT WAS YOUR TOTAL INCOME ??? AND TOTAL TAX?