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Penalty

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(Querist)
20 October 2012 What will be the amount of penalty for an assessee(individual) for AY 2012-13 providing manpower, if he has not carried out audit and also not filed IT return till 30th September, 2012?
The turnover of the assessee is about 1 crore.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 October 2012 Penalty u/s 271B will be initiated.
Amount of penalty than can be levied under the above section is 1/2% of the turn over or Rs. 1.50,000/- whichever is less.
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Preety Israni

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Preety Israni (Querist)
25 October 2012 Thank you, Sir!
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