What happen if we pay tax one year late

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Rekha Sharma (Querist)
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08 August 2011 Sir,
what happen if my company pay tax after one year & we receive a notice of income tax department that why we pay tax one year late

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 August 2011 You can not say that we were waiting for the notice or whether notice will be issued ot not.
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You have to explain the reasons for delay in case notice has been received. In the reasons generally, health ground of the assessee, his family member, deaths, absence of accountant, irregularity of accountant, bad financial position, CA's
carelessness etc causes may cautiously be given.

When you speak a lie, to hide that, you have to speak a series of believable lies also. Be ready for that also.

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In case it has not yet been received file return as the earliest possible.

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