Tax
This query is : Resolved
Sunil Agarwal
(Querist)
16 July 2009
Suppose a company/firm/propritorship concern having turnover more than 40 lac than he is liable for tax audit u/s 44AB. Now I want to ask what happen if they do not get their account audited and also does not filed return also.
16 July 2009
For accounts not getting audited, there is a penalty u/s 271B of 1/2% of Sales/ Turnover/ Gross Receipt/ subject to a maximum of 1lac
Non filing of return may tentamount to concealment of income and as a consequance a penalty u/s 271(1)(c)
Non filing of return may tentamount to concealment of income and as a consequance a penalty u/s 271(1)(c)
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