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URGENT ......IT Return

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 October 2010 a assesse filed the return of Income tax for his civil contract income A.Y. 2009-10 ( Turnover Rs. 30 lakhs) in sept 2010. on 20 oct 2010 he found that his above income is 45 lakhs according to TDS certificates in his hand.

Now he is under 44AB limit for TAX audit.

what will be penalty he will be liable to pay. how can he reduce / avoide it.
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taxindiaconnect

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taxindiaconnect (Expert)
26 October 2010 The penalty would be 2% of the turnover or Rs. 100K whichever is lower.
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