10-08-2009, 03:59 AM
Dear Asim,
Section 182(1) deals with both of your similitude queries, which states that "Any person who, without reasonable excuse, fails to furnish return of income or a wealth statement for any tax year, shall be liable for a penalty equal to one-tenth of one per cent of the tax payable for each day of default subject to a minimum penalty of five hundred rupees and a maximum penalty of twenty-five per cent of the tax payable in respect of that tax year"
Furthermore, as per section 191(2), If a person convicted of an offence with regards to the same act i.e. failure to file return of income or a wealth statement after further time period allowed has been passed away, such person shall commit a further offence punishable on conviction with a fine <b>not exceeding fifty thousand*</b> rupees or imprisonment for a term not exceeding two years, or both.
<b>*Added by finance act 2009</b>, before which, amount was not specified.
Regards,
Section 182(1) deals with both of your similitude queries, which states that "Any person who, without reasonable excuse, fails to furnish return of income or a wealth statement for any tax year, shall be liable for a penalty equal to one-tenth of one per cent of the tax payable for each day of default subject to a minimum penalty of five hundred rupees and a maximum penalty of twenty-five per cent of the tax payable in respect of that tax year"
Furthermore, as per section 191(2), If a person convicted of an offence with regards to the same act i.e. failure to file return of income or a wealth statement after further time period allowed has been passed away, such person shall commit a further offence punishable on conviction with a fine <b>not exceeding fifty thousand*</b> rupees or imprisonment for a term not exceeding two years, or both.
<b>*Added by finance act 2009</b>, before which, amount was not specified.
Regards,
