Consequences for not undergoing tax audit
This query is : Resolved
B.V.Vijaya Lakshmi
(Querist)
17 March 2014
sir,
A contractor has a turnover of 43,00,000/- for A.Y.2011-12; proper TDS for above amount was deducted u/s 194(c). The return was filed for A.Y.2011-12, without audit report by showing net income of 3,00,000/- What are the consequences for the above mistake
A contractor has a turnover of 43,00,000/- for A.Y.2011-12; proper TDS for above amount was deducted u/s 194(c). The return was filed for A.Y.2011-12, without audit report by showing net income of 3,00,000/- What are the consequences for the above mistake
CA. B.SRINIVASULU
(Expert)
17 March 2014
The assessing officer can levy penalty by giving an opportunity to be heard.
B.V.Vijaya Lakshmi
(Querist)
17 March 2014
sir,
what will be the section for such penalty and is there any minimum and maximum limits of penalty and what was the basis for it
what will be the section for such penalty and is there any minimum and maximum limits of penalty and what was the basis for it
Nikhil Kaushik
(Expert)
18 March 2014
please refer section 271B...one-half percent of turnover of Rs 1.5 lakhs whichever is less
Rajiv Sharma
(Expert)
18 March 2014
If there is reasonable cause, no penalty.
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