What are the consequenses if someone do not E-File ITR-4 & ITR-5 if he/they are under Tax Audit?
CA Amit Kumar Khaitan (Research Analyst) 10 July 2010
There are specific penal provisions for
Not filing return before end of the A.Y- Rs 5000 (271F)
Not submitting the Audit report by due date
THIS IS NOT A COMPLETE ANSWER PLEASE WAIT FOR OTHER REPLIES
NiTiN JAiN (TAX CONSULTANT & CA FINAL STUDENT) 12 July 2010
As per the latest press release by IT deptt. dt 12-07-2010 every person whose accounts are audited is required to file his return electronically. It is now mandatory for such person whose accounts are audited u/s 44AB. If such an return is not e-filed then the phisical return may be treated as invalid return.