penalty on estimated income
This query is : Resolved
25 May 2011
during The A.Y. 2008-09,in search we had declared income rs 2500000 on estimated basis ,but we filed return of income we show actual income which is less than 2500000, but A.O. pass order on estimated income and charged penalty u/s271(1)(c) &271AAA.but there is no concealment of income, plz. provide me any income tax judgement regarding this , what i will do plz. sir urgent
25 May 2011
According to me there is a option for provisional assessment under the Income Tax act in which an assessee can mention their estimated income and if the actual income is higher than that the assessee is required to pay additional tax on the excess income and in case of opposite situation the tax paid by the assessee will be refund by the department.
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