Important query: implication of filling itr after the due da

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2011 Dear Friends and Experts

Wish to know the implication of delay in filling I.T.R after the due date mentioned u/s 139 under the various scenario:

1. Assessee covered under tax audit u/s
44AB/ 44AD and not filled ITR upto 30th
Sept, 2011.

2. Assessee not covered under tax audit
u/s 44AB/ 44AD and not filled ITR upto
30th Sept, 2011.

Thanks in advance for clarification

Pragnesh

Pragnesh (Expert)
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18 September 2011 Penalties due to non compliance :-

1. If assessee convered under Tax audit then : 0.5% of total sales, turnover or gross receipts, or Rs. 1,00,000 whichever is less

2. If assessee not convered under tax audit : Rs.5000/-

Note : Current year's business loss will not allowed for c/f. in both the case.

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2011 What will be the position in 2nd case???
You have not clarified the same?

Pragnesh

Pragnesh (Expert)
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18 September 2011 Penalty will be Rs.5000/- if assessee does not conver u/s. 44AB/44AD and not furnished return on timely basis.

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2011 Well wish to bring in your kind notice that the penalty for non audit in proper time is Rs 150,000 or 0.5% of turnover which ever is lower.

You mentioned it as 100000 instead of 150000

Pragnesh

Pragnesh (Expert)
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19 September 2011 You are correct penalty is Rs.150000/- or 0.50% of Turnover which is less, Apologize for providing old penalty detail.

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