Penalties

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nehal (Querist)
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02 February 2014 FOR SHOWING LESS THAN 8% PROFIT, IF ASSESSE HAS NOT FILLED INCOMETAX RETURN WIITH THE AUDIT... JUST REGULARLY FILLED HIS RETURN...

WHAT ARE THE PENALTIES NOW HE HAS TO PAY.. FOR THE F.Y. 2012-13.

HIS GROSS SALES IS 61,28,500/- , BROKERAGE INCOME IS- 1,79,320/- AND OTHER INTEREST INCOME ON LOAN GIVEN IS 76,875/-...
TDS-20,800/- AND 80C- 46,100/-.

GROSS PROFIT- 1,09,766/- , NET PROFIT HAS BEEN SHOWN IS 1,65,510/-.

WHAT ARE THE REMEDIAL MEASURES FOR THIS

pranav

pranav (Expert)
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02 February 2014 AO has many options inter-alia to reject books of accounts and go for best judgement assessment. Alternatively he can go for presumptive profit rate and do assessment. Besides it is assumed that assessee had not maintained books of accounts, so he can invoke penalty for not maintaining books u/s 271A... Besides this he could also levy section 271.

nehal

nehal (Querist)
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02 February 2014
THANK YOU FOR THE REPLY ,

SO WHAT SHOULD BE ACTION TAKEN AT THAT TIME.

DO YOU RALLY THINK THAT I SHOULD FILE REVISE RETURN AND ITR 4S SHOULD BE FILLED?

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