Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: cpt :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Non-filing of returns to attract penalty
July, 28th 2007
Companies, partnership firms and small businesses enjoying 25-100 per cent deduction on income will lose these and other tax benefits if they do not file their returns by the due date.
Tax payers, including individuals, may have to pay a penalty of Rs 5,000 if they do not file returns by the due date or by the end of the assessment year. If they do not file by either deadline they will be issued a notice by the department and non-compliance will mean additional penalties of Rs 10,000.
Section 80 AC of the Income Tax Act 1969, which deals with denial of deductions unless returns are filed by the due date, will be strictly implemented this year.
The section was introduced in 2006 and the income tax department is serious about implementing the provision in right earnest this year.
The due date for small firms and businesses with turnovers less than Rs 40 lakh is July 31. Besides companies, the due date is October 31 for businesses or firms with turnovers above Rs 40 lakh.
The consequence of not filing returns will be severe. We are creating awareness about the penal provisions, said an income tax official.
Benefits like carry-forward and set-off of business losses, unabsorbed depreciation on business assets and capital loss from income would not be allowed in the subsequent years if returns are not filed by due the date, he added.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions