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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Accounting with Claude
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
