the assesse is an individual n liable for tax audit n e filing, what are the consequences if he files the return after 30th sept.
6 Replies
Arvind Sharma
(ACA)
(1432 Points)
Replied 23 September 2010
Int u/s 234A @ 1% on tax liability
& Panelty u/s 271F @ Rs 5000
Joey Tribbiani
(fdg)
(2010 Points)
Replied 23 September 2010
following sections would apply
Sec 234A-Interest in default in furnishing of RoI
sec 142(1)(i)--call for return
Sec-271B-non submission of audit report
Sec 276CC- prosecution in case of wilful failure to file return of income
among other sections which i might hv missed
assuming all advance tax instalments has been duly deposited
Joey Tribbiani
(fdg)
(2010 Points)
Replied 23 September 2010
| Originally posted by : Arvind | ||
 |
Int u/s 234A @ 1% on tax liability & Panelty u/s 271F @ Rs 5000 |
 |
271F applies when return is not furnished upto the end of relevant assessment year
manik
(ca in practice)
(420 Points)
Replied 23 September 2010
but what about the provision of section 271B. pls reply
Joey Tribbiani
(fdg)
(2010 Points)
Replied 24 September 2010
| Originally posted by : manik | ||
|
|
but what about the provision of section 271B. pls reply |
|
It will apply buddy,u will have to pay "a sum equal to one-half per cent. of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred thousand rupees, whichever is less."
What else do u want to know about it?
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