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non filing of Return of income of Firms

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(Querist)
08 December 2008 Does non filing of ROI of Firms of previous years attract penalty.
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Kapil Arora

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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
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
08 December 2008 Yes penalty occurs and the amount will be Rs. 5000.




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