04 January 2014
i have registered an company(unlisted) in 2009. and thereafter no compliances regarding the Return of income tax and also for companies act were made. Also no Audit were conducted for the company since the incorporation of the company. now i want to make an compliance in all respect. What will be the consequences in all respect? Please describe in detail.
04 January 2014
If income earned was taxable in previous years then sec 271(1)(c) shall be applicable and penalty bet 100%-300% shall be imposed by AO.
If service for value exceeding 10 lkahs in total have been provided then as per finance act 1994 also penalty as applicable shall be imposed.
for annual returns not filed under co act 19556 shall also ne imposed as appplicable.
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