Section 271b
Querist : Anonymous
if i have filled audited income tax return on 5/10/2015 with having turnover with turn over 2 crore, plz let me know weather section 271B will attract or not if yes how we will calculate the penalty.....
regard
Mohit sharma
271 B penalty is for Audit Report not income tax return.
Querist : Anonymous
so in your case it will be 100000.00 rs will be penalty which is 2 Cr. * 0.50%
Querist : Anonymous
also let me know will this penalty be paid on demand and will be calculated on month basis,
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