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Non filling of income tax return for a.y 2011-12

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 Hi,

Friends please tell me the penalty attracted in case where an assess e is individual carrying on business of contractor and his reciepts are Rs.7600000, is liable for tax audit,fails to file the ITR for A.Y 11-12,now he is going to file the return along with interest thereon,but confuse about penalty.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

27 February 2013 The above you said assessee is liable for Tax audit U/s44AB for non making of tax audit and not filed with in due date the AO shall make a penalty of 0.5% on gross receipts with maximum of Rs.1.50 lacs. Now you can file your ITR but my suggestion is now make tax audit if possible then get the tax audit report with back date and then now file the return as section 44AB tax audit case. Then there is the chance to decrease penalty or wave the penalty by the AO. In case if you file your return now with our making tax audit then it seems to intentional mistake by you so will be liable for higher penalty and no reasons for failure to explain AO.

OM SAI SRI SAI JAI JAI SAI

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