Vat Audit - Related

Now date for filing E-704 & Physical submission has been extended to 15.2.2011 & 25.2.2011 respectively for the fin.year 2009-10.

But if you fail to comply with this deadline and you file it within one month after expiry of deadline, then respective commissioner can drop penalty if you provide "valid reason" for non-compliance.

But dear what is the Penalty for that???

I think Some % on T/O??

I think its 0.50 % of turnover.

Penalty for non-compliance related to E-704 is 0.10% of turnover, Confirm.

Ya its correct 0.1% of T/O

can u tell me definition of T/o???