non filing of Return of income of Firms
This query is : Resolved
08 December 2008
Does non filing of ROI of Firms of previous years attract penalty.
Kapil Arora
(Expert)
08 December 2008
Sec As per 139(1) of Income tax act,1961 the firm must file the return of income even the firm has no profit in the said previous year
CA Tilak Raj Sharma
(Expert)
08 December 2008
Yes penalty occurs and the amount will be Rs. 5000.
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