tax audit
This query is : Resolved
13 August 2010
Sir
if i do not submitted my tax audit report and return before 30th sep . in this case how much penalty will charge by income tax department.may i submite my tax audit report and return after 30 th sep without any penalty
kaushal
if i do not submitted my tax audit report and return before 30th sep . in this case how much penalty will charge by income tax department.may i submite my tax audit report and return after 30 th sep without any penalty
kaushal
13 August 2010
1/2 % OF TURNOVER OR RS. 100000 WHICHEVER IS LOWER FOR TAX AUDIT.
RS. 5000 FOR NON FILING OF RETURN.
RS. 5000 FOR NON FILING OF RETURN.
13 August 2010
You may submit the return and report without paying penalty. Penalty need to be paid only after receiving proposal followed by order.
13 August 2010
With the Finance Act 2010 the limit of penalty u/s 271B has been enhanced from 1,00,000 to 1,50,000 from 01-04-2011 i.e. from A.Y. 2011-12 onwards. However, for the current A.Y. 2010-11 penalty will be resticted to 1,00,000 as mentioned by Mr. Sanat Pyne
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