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Non filing of return u/s 44ad

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(Querist)
01 October 2011 THE INCOMETAX RETURN U/S 44AD WAS NOT UPLOADED ON LAST DAY I.E. 30TH SEPTEMBER 2011 (PROFIT CLAIMED LESS THAN 8%).

NOW WHAT IS THE REMEDY AVAILABLE FOR ESCAPING THE PENALTY.

AND CLARIFY THE AMOUNT OF PENALTY.
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Prakash Tolani

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Prakash Tolani (Expert)
02 October 2011 There is no way for escaping the penalty. Penalty is 0.5% of turnover or 1 lac.

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