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failed to get audit u/s 44AB ...

Efiling 857 views 1 replies

karthi sabapathi

student

173 Points Joined December 2008

friends,

my uncle is doing business of consignment agent i.e. get hire a lorry for consignor to transfer the stock to consignee. From AY 06-07 he did n't file IT return. Turn over Rs. 41 lakhs. But there is no tax liability for that year. Due to TDS only refund will come. My doubts are.

1. if he file return now for AY 06-07, penalty u/s 271F will come?

2. If he filed with out getting audit of his books of accounts , what are the liabilities? (he is maintaining books of ac)

3. in case of NO tax liability, whether refund claim will be affected due to late filing?

PLEASE HELP ME...

Replies (1)

Pankaj Gulati

Tax Advisor

81 Points Joined May 2008

U cannot file ITR for ay 6-7 now as it is time barred. Ur return will not be even acceptted at the counter. It can only be filed in compliance to the notice issued u/s 148 by the ITO. As on today, u can only file ITR for ay 9-10 & 10-11 voluntarily.

U have not mentioned clearly that sale is booked in ur uncles's name or in the name of principle and in whose name VAT/sales tax cases r finalised, ur uncle or consignor ? Usually consignment agents work on commission basis on which TDS is deducted.