Delay in submitting balance sheet
This query is : Resolved
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
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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
