very very very very urgent

the assesse is an individual n liable for tax audit n e filing, what are the consequences if he files the return after 30th sept.

Replies (6)

Int u/s 234A @ 1% on tax liability

& Panelty u/s 271F @ Rs 5000

following sections would apply

Sec 234A-Interest in default in furnishing of RoI

sec 142(1)(i)--call for return

Sec-271B-non submission of audit report

Sec 276CC- prosecution in case of wilful failure to file return of income

among other sections which i might hv missed

assuming all advance tax instalments has been duly deposited

Originally posted by : Arvind

Int u/s 234A @ 1% on tax liability

& Panelty u/s 271F @ Rs 5000

271F applies when return is not furnished upto the end of relevant assessment year

k.......

but what about the provision of section 271B. pls reply

Originally posted by : manik

but what about the provision of section 271B. pls reply

It will apply buddy,u will have to pay "a sum equal to one-half per cent. of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred thousand rupees, whichever is less."

What else do u want to know about it?

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