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penalty

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Querist : Anonymous (Querist)
05 March 2011 What are the consequences in terms of interest and penalty if the return is not filed on time.
The assessee is liable for tax audit also.
the due dates for which is 30/09/2010
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CA Nitesh

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CA Nitesh (Expert)
05 March 2011 Interest @ 1% on the tax amount due till the date of filing the return U/s.234 A and penalty of .5% of the turnover or Rs.1lakh which ever is lower "MAY" be imposed by AO.
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