Monday, 1 September 2014

Impact of Non Filing of ROI



Impact of non-filing of ROI 

It may result in to penalty of Rs.5000 for each year.

Also, one may be subject to prosecution u/s 276CC.

Provided that a person shall not be preceded for penalty or prosecution for failure to furnish return of income, if-
 
a) The return is furnished by him before the expiry of the assessment year;
or

b) The tax payable by him on the total income determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source (TDS), does not exceed three thousand rupees.

i.e. his balance tax liability after considering TDS and Advance Tax does not exceed three thousand rupees.

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