What if a Businessmen fails to fit Income tax returns with in due date ?(Aug -5) ..Is there a penalty ? if yes How much ?
2 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 31 July 2017
PENALTY UNDER 271F but discretion of assessing officer no neeed to pay penalty at the time of filing return of income Chances of waiver of Penalty by AO is possible in most cases
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