Late Fine/ Penalty for Audited Balance Sheet & ITR FY 2007-
This query is : Resolved
Deepi Saini
(Querist)
10 November 2008
My Client is a Prop. Firm with a turnover of Rs. 62 Lacs. for the year 2007-08. His Net Profit is Less than the taxable limit of Rs.110000.
He was unable to file ITR by 30 Oct.2008 because of Health Problems (Hospitalized).
What will be the Penalty/fine for late filing of ITR?
He was unable to file ITR by 30 Oct.2008 because of Health Problems (Hospitalized).
What will be the Penalty/fine for late filing of ITR?
10 November 2008
Penalty is 1/2% of the turnover or Rs 1,00,000/-whichever is less.-Reference section 271B.
S.Srinivasaraghavan
(Expert)
10 November 2008
Is it business? Then tax audit also is applicable to him. Hope he has complied with that. In such a ccase, as he has no tax liability, he may not have penalty for delayed filing upto 31st March 2009. If he has not complied with the audit also, then he will be liable for penalty u/s 271B.
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
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
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
