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Delay in submitting balance sheet

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Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2015 SIR

I AM RUNNING A PROPRIOTERSHIP FIRM AND MY TURNOVER UNDER 1 CRORE, BUT I COULD NOT FURNISHED MY BALANCE SHEET ON DUE DATE NOW I AM FURNISHING MY BALANCE SHEET , PLEASE LET ME KNOW IS THERE ANY CHARGES / PENALTY OR INTEREST WILL LEVIED ON ME. PLEASE REPLY ASAP.

THANKING YOU

MUKESH SABRI

CA. Amit G. Chandani

CA. Amit G. Chandani (Expert)

01 October 2015 If you show profit below 8%, penalty u/s 271B (0.5% of total sales or Rs. 150000 which is less) and interest u/s 234A (1% p.m on total tax payable) will be levied. While of you show profit at or above 8%, only interest u/s 234A will be levied.

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