Belated Return

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This query is : Resolved

Nitin Kumar (Querist)

01 October 2008 Dear Members

What will be the penalty if we late file income tax return for Partnership firms having turnover below 40 lacs. is there any penalty for late filing of fbt return.

CA Gaurav Khanna

CA Gaurav Khanna (Expert)

01 October 2008 Penalty for late filing of income tax return would be interest u/s 234A and further penalty of Rs. 5000/-

the return for FBT goes along with the income Tax return only

Nitin Kumar

Nitin Kumar (Querist)

01 October 2008 Dear Sir :

Some body says there is penalty of rs.100 per day if late file fbt return. is it right?

CA Gaurav Khanna

CA Gaurav Khanna (Expert)

01 October 2008 Yes u/s 271FB
If an employer, who is required to furnish a return of fringe benefits, as required under sub-section (1) of section 115WD, fails to furnish such return within the time prescribed under that sub-section, the Assessing Officer may direct that such employer shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.]

Nitin Kumar

Nitin Kumar (Querist)

01 October 2008 Thank You very much Gaurav Sir for your kind advise.

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