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...
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...
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.
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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