One of my friend filed NIL MVAT returns, in spite of having turnover, to avoid penalty as books of accounts were not ready within stipulated due date.
Now, if sales and purchase figures are ready and he files revised returns then what are the consequencies?????
Kindly reply
upto two quarters back u can file revise return,
in such case summery assessment will not be done, and only regular assessment will take place.
If there is a tax liability, then it has to be paid along with interest and penalty
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