Delay in 44ab tax audit - help please
This query is : Resolved
12 August 2013
A an individual has started a new trading business in the year 2009. His total turnover for the finacial years 2009-10,2101-11 and 2011-12 has exceeded tax audit limit.
He has not filed the income tax returns till now and he wants to file the income tax returns for all the years now.
Is it possible to file the income tax return and tax audit report now without penalty? please advise.
He has not filed the income tax returns till now and he wants to file the income tax returns for all the years now.
Is it possible to file the income tax return and tax audit report now without penalty? please advise.
13 August 2013
1) Income tax return for fin yrs 2009-10 and 2010-11 are bared by time. However, try to get permission to file from CIT u/s 119(2)(b).
2) Return for fin yr 2011-12 can be filed now. But penalty proceeding will be initiated u/s 271B. If reasonable cause can be proved, proceedings initiated u/s 271B will be dropped u/s 273B.
2) Return for fin yr 2011-12 can be filed now. But penalty proceeding will be initiated u/s 271B. If reasonable cause can be proved, proceedings initiated u/s 271B will be dropped u/s 273B.
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