Question ID :
40965
RETURN FILLED WITH TAX PAYABLE ABOVE CRORE
client has filled income tax return with tax payable due to financial crunch of his business. he has got his account audited u/s 44ab. i want to know what would be consequences of filling income tax return with tax payable. whether there is any provision for prosecution if liability is more than one crore.
Posted by
NADIR D SHAIKH
on
Feb 07, 2021
Filed Under
DIRECT TAXES
Return shall be treated as defective per explanation (c)(i) of section 139((9). If defect is not cured per proviso to said section, return will be treated as invalid and all the consequences, including 271B penalty, to non filers will follow,
Prosecution per 276CC can be initiated.
Posted by
B.CHACKRAPANI WARRIER on
Feb 09, 2021
Answer ID :
80905
Account can be attached for tax recovery
Posted by
CA JEET REWRI on
Feb 14, 2021
Answer ID :
80999
ifSelf assessment tax is not paid, it is a violation of the IT Act.liable to penalty/ prosecution. Better to pay the dues by challans in smaller amounts as per the fund availability to ward of severe penal consequences
Posted by
CA. VENKITARAMAN K V on
Mar 20, 2021