tax audit
This query is : Resolved
15 April 2009
If assessee is an individual and working as software consultant.
His gorss receipt from profession is more than 10 lacs so he is required to do audit of his accounts.
Now my query is :-
1-4-2006 - 31-3-2007
1-4-2007 - 31-3-2008
Both the Income tax Return still not filed and not tax audit done.In both year gross receipt is more than 10 lacs
If now assessee is ready to file the both returns.
Query :- 1. Can he file both years returns 2.what is penalty for late filing the audit report and Income tax.
His gorss receipt from profession is more than 10 lacs so he is required to do audit of his accounts.
Now my query is :-
1-4-2006 - 31-3-2007
1-4-2007 - 31-3-2008
Both the Income tax Return still not filed and not tax audit done.In both year gross receipt is more than 10 lacs
If now assessee is ready to file the both returns.
Query :- 1. Can he file both years returns 2.what is penalty for late filing the audit report and Income tax.
15 April 2009
In both the cases, as the Tax Audit Report has not been submitted, as such penalty u/s 271B shall be imposed which will be one-half percent of Gross Receipts subject to a maximum of Rs. 1Lac.However, the return for AY 2007-08 may not be furnished while the same for AY 2008-09 may be furnished along with another penalty of Rs 5000 under section 271F.
15 April 2009
thanks
that means for FY 2006-2007 I cant file the return now
that means for FY 2006-2007 I cant file the return now
15 April 2009
for 06-07 u can not file
15 April 2009
Penalty u/s 271B will be waived u/s 273B if delay can be proved on account of reasonable cause.
15 April 2009
sir...for alternate scope...do contact me in my mail id tpsarathy@gmail.com
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