Dear Tax Consultants,
I have a serious concern on my propertiership firm registered (for service tax) 2 yrs back & i have collected upto 75,000/- in taxes from 2 yrs.. But i have not filed any returns till now unknowingly,, Now only i started to file returns... But our accountant says i have to pay Rs.75,000/- collected taxes + intrest for 2 yrs...i.e upto 1 lakh & penalty of Rs.80,000/- for 4 half yearly with intrest...
NOW I AM GONE... I CANNOT AFFORD TO DARE TO PAY 1LAKH... ALSO i cant give up the firm as it is my livelihood and have longterm customers...
Dear Consultants, PLEASE HELP ME & ADVICE ME WHAT TO DO NOW...
Thanks a lot in Advance..
Sridhar
CAclubindia
