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.
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.
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