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Penalty

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(Querist)
16 April 2014 If business is closed permanently on 31/03/2013 and no intimation to Income tax department is made,
Is there any penalty for non Intimation Under Income Tax Act
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Rupesh Jain

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Rupesh Jain (Expert)
16 April 2014 you are not mention the business under PVT Ltd or firm or prop.

there is no need of intimation to deptt.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 April 2014 Rupesh,

i sincerely advise you to brush up your tax knowledge.

Rekha. please refer section 272A(2)(b) the penalty shall be Rs 100 for each day of non-compliance..
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rekha

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rekha (Querist)
16 April 2014 @ Rupesh its an sole proprietorship

@ Nikhil Thanks for augment my knowledge.
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