10-30-2009, 04:40 PM
Thanks for ur Info my Dear Faisal.Its time to deduct & submit the same to Govt.In dear days it is very easy to every one
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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by faisal_desperado</i>
<br />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,
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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by faisal_desperado</i>
<br />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,
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