One of my friend doing Manpower contract business with turnover more than 1 Cr, and he was not aware of IT filing forpas two year.
1 Replies
Ranjeet
(Articleship)
(36 Points)
Replied 10 May 2016
Income Tax department may send him notice.As per info. given by you as his turnover exceeds 1cr. he was liable for tax audit also.He should take advice of Charted Accountant and should start filing his Income Tax return.or else he will be liable for heavy penlty by Income tax department for concelment of Income as well as imprisonment is also provided under act for certain cases.
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