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What kind of fine can be impose in case proper bills are not available
20-Nov-2023 (In Tax Law)
What kind of panalties or fine can be impose in case proper bills/doments are not available. I have a small grocery store. My daily buisness range from 4-8k avg. I was given a notice today to produce all my finacials and books by next week, I dont own any property. My problem is I dont have the original purchase bill older then 6 months available with me. I do have sales bill and the records of purchase in form of excel sheet for last two years which have the purchase bill nos and details. They have asked for 5 year records. What can be done now as I have dont have the purchase bills.
You are kindly requested to specify the authority from which you have received the communication alongwith the revant provision of law. Not maintaining records entails penalty under varioous tax laws such as Income Tax, DVAT, Central Sales Tax, Service Tax, etc. Your query doesnt provide sufficient details for us to render a precise reply.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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