Non filing of itr nd its consequences
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 May 2012
Mr. x my client did not file his itr from last 3 years. he is in an transport business (individual). what sections of income tax will he attract. he want to submit his pending itrs now. what amount of penalty and interest can be imposed if his net profit for last 3yrs was 9 lakhs and t/o 3 crore each year. he deducted tds rightly. please advice.
24 May 2012
First of all as on date he can file return only for AY 11-12 and AY 12-13. The returns for the earlier years is now time barred.
1. Penalty of Rs. 5,000/- u/s 271F for delayed filing of return.
2. Penalty of 0.5% of turnover or Rs. 1,50,000, whichever is less u/s 271B for failure to get accounts audited.
1. Penalty of Rs. 5,000/- u/s 271F for delayed filing of return.
2. Penalty of 0.5% of turnover or Rs. 1,50,000, whichever is less u/s 271B for failure to get accounts audited.
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