penalty of Rs.5000 for submitting belated return is still there or not?
4 Replies
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 30 September 2009
it is very much there in Sec.271F for submitting the return after the relevant previous yr.
VARUN
(PCC STUDENT)
(523 Points)
Replied 30 September 2009
this is applicable in the case of a individual but in the case of a company the penalty impossable is 0.5% of Sales or 1,00,000 whichever is higher ...
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 30 September 2009
but it it applicable to persons which are liable to file return. which means that those which are filing voluntarily this section will not apply to them
& this section of penalty is hardly used by any AO.
Correct me if i am wrong
Thanks,
sunil
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