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Q. > Please Help: Income tax
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.
1 Answers
answered Jun 18, 2013 by Vikky Kumar Jha , Darbhanga
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
sandeep kumar
18-Jun-2013 , 03:09:09 pmits 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)..