Non filling of firm return
This query is : Resolved
01 November 2011
one of the partnership firm since from ay 08-09 it return not filed and profit approx 9 lakh in same year. as date of filing lapsed what consequences will faced by department or what remedy available now?
please help ! thanks
please help ! thanks
01 November 2011
Penalty U/s 271f Rs. 5000 levied for non filling of return for each assessment year
department can do income escaped assessment u/s 147...if department has reason to believe that assesse has escaped income.
firm is compulsorily required to file return u/s 139(1).
department can do income escaped assessment u/s 147...if department has reason to believe that assesse has escaped income.
firm is compulsorily required to file return u/s 139(1).
02 November 2011
thanks vishal rana sir, firm ready to pay tax but now how to file belated return as e-return not uploaded since date of return filling lapsed? can i file with taking all previous income in current year?
Sundaram Kumar
(Expert)
02 November 2011
No you can file mannual return in Income Tax Department Counter or you can contact your Income Tax Officer with request to accept your beleted returns
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