What is the Penal Provision as per Income Tax Act , if trust not filed its Income Tax return Within Due date. Is the audited financial statement of trust can be revised
1 Replies
sanjay kumar
( tax consultant)
(90 Points)
Replied 16 January 2010
MR SHETTY
I NEED TO KNOW WHETHER THE TRUST IN QUESTION IS REGISTERED U/S 12A OR NOT ....
NOT FILING OF RETURNS WITHIN THE DUE DATE PRESCRIBED U/S 139 IS NOT A MAJOR FAULT IF THE ASESSEE HAS VALID REASONS FOR THIS ....
ONE OFF CASE IS NOT A MAJOR FAULT ....THIS COULD BE ARGUED OR PLEADED ...BUT FREQUENT DEALAYS MAY RESULT IN PROCEEDINGS FOR THE CANCELLATION OF THE REGISTRATION OF THE TRUST U/S12A..WHICH IS A MAJOR TROUBLE ....
THE AUDITD ACCOUNTS OF THE TRUST COULD BE REVISED WITH VALID REASONS...
SANJAY
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