07 February 2009
While computing tax liability for a particular assessment year, tax liability is due on the assessee, but he does not want to pay the tax and files the return wherein tax payable is being reflected. Firstly, will the return be accepted? If yes, then further what will be the consequences? will any interest or penalty be payable by the assessee?
07 February 2009
1) If return is e- filed hard copy will be accepted by IT office. 2) Tax and interest has to pay. 3) Penalty can be imposed u/s 221(1) of the Income Tax act,1961.
07 February 2009
There will be no problem in filing the Return but the main consequence is only the Interest & Penalty. However Interest will be Levied by A.O but Penalty depends upon the Circumstances.
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