Penalty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2012 Dear All,

Please tell me what is the penalty if Income tax return fill after due date......

and also told me that if tax payment made below the actual amount then what penalty will be imposed...

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 July 2012 1. In case where audit is not required, penalty is Rs. 5,000 u/s 271F.

2. In case where books of accounts are required to be audited, penalty is higher of 0.5% of gross receipts or Rs. 1.5 lakh.

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