Please Help: Income tax
Posted Date : 18-Jun-2013 , 12:15:08 pm | Posted By: Shankar Mudaliyar
Category :
Income Tax | Answers :
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Comments :
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In Financial Year 11-12, a Pvt Ltd Co. with Taxable Income 10 lacs has TDS of Rs 3.25 lacs. It has not filed the tax return and wants to understand its implications.
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Answers:
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 Answer by: Vikky Kumar Jha |
| Tax returns filed after the specified due date are considered as belated tax returns which could be filed within two years from the end of the relevant financial year under section 139(4) of the Act.
A penalty of Rs 5000 may be imposed u/s 271F.
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| Comments |
| Posted By : Sandeep Kumar |
18-Jun-2013, 03:09:09 |
| its depends upon computation of income and gross receipts of company.. you will have to pay definitely a penalty of Rs. 5000/- if you filed return now (if you don't have any solid bonafide reason for non filling).. |
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