Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2011
I recorded in F.Y.06-07 commission payable for Rs 1325000 and got deduction from Income Tax department,but i could not pay this commission amount till today.
Now i received letter u/s 142(2)from Income Tax department for submit return for A.Y 08-09, 09-10 & 10-11.
I unable to produce before Income Tax department the parties to whome such commission I was liable to pay in F.Y. 06-07.
Please suggest me any possible way in which :
I can settled this commission liabilities without paying any Tax. or
if I agree to pay tax but I dont want to pay interest on tax from such period.
or is there any other possible way for beneficial me ?
Thaking you
Now i received letter u/s 142(2)from Income Tax department for submit return for A.Y 08-09, 09-10 & 10-11.
I unable to produce before Income Tax department the parties to whome such commission I was liable to pay in F.Y. 06-07.
Please suggest me any possible way in which :
I can settled this commission liabilities without paying any Tax. or
if I agree to pay tax but I dont want to pay interest on tax from such period.
or is there any other possible way for beneficial me ?
Thaking you
CA PARAS BAFNA
(Expert)
10 March 2011
The most beneficial way will be guided by the AO himself who has issued you the notice.
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