Penalty u/s 271b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2014
assessee engesed in wholesale business considering profit margin 3-4% His turnover crossed limit prescribed u/s 44AB He didn't approach to an accountant but opted to pay tax 8% on total turnover. He has been charged u/s 271B. Can an explanation be given as if assessee approached to an accountant he would have pay less tax than actual, as a result revenew has received excess tax allready so imposing penalty further is unjustified ?
24 April 2014
paying higher tax without preparing proper books and getting the audit done doesnt spare you from penalty for not getting the audit done..at best you can file a revised return and request for refund!
24 April 2014
IF YOUR SALE CROSS THE LIMIT U/S 44AB THEN YOU HAVE TO AUDIT YOUR ACCOUNT OTHERWISE YOU HAVE TO PAY PENALITY FOR NO COMPLING THE LAW PROVISION.
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