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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2011 we have received the notice from A.O.that non maintainance of books for 4 years, we were ordered for penalty rs.1,00,000(25000X4).
i orgued that penalty shall not be exceeded rs.25000 for non maintanance of books of accounts u/s 44AA for any no.of years.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 February 2011 For the default committed on or after June 1,2001 penalty is fixed at Rs.25,000/- per default.
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2011 so for any number of years, if we fail to keep or maintain books of accounts, panalty is just Rs.25000/-!!! is it correct?
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