Maximum Penalty for late filing of ST Return
This query is : Resolved
Ravi Rawat
(Querist)
16 July 2011
Hi
FA 2011 has amended Section 70 to increase maximum penalty for late filing of ST return from 2,000 to 20,000. FA 2011 has been made effective from 1st may 2011.
Now my query is whether it will be applicable for filing return of FY 2010-11 also or for F.Y. 2011-12 onwards.
In my view it should be applicable for FY 2010-11 also.
Look forward for Experts view.
FA 2011 has amended Section 70 to increase maximum penalty for late filing of ST return from 2,000 to 20,000. FA 2011 has been made effective from 1st may 2011.
Now my query is whether it will be applicable for filing return of FY 2010-11 also or for F.Y. 2011-12 onwards.
In my view it should be applicable for FY 2010-11 also.
Look forward for Experts view.
CA PARAS BAFNA
(Expert)
16 July 2011
It is applicable for all returns, filed after the effective date.
CA Navin Jain
(Expert)
16 July 2011
According to discussion with expert of ST, Change is comes from fy 11.12 and its not applicable on the filing return of FY 2010-11
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Ravi Rawat
(Querist)
17 July 2011
Dear Navin ji,
Can you please elaborate why it would be applicable only from FY 2011-12.
Can you please elaborate why it would be applicable only from FY 2011-12.
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