Failure to file itr in tax audit case
Mahesh Chand Gupta
(Querist) 10 June 2013
This query is : Resolved
Assesse received a contact value of Rs. 85,00,000/- and an amount of Rs. 1,50,000/- was deducted as T.D.S. After getting the accounts audited u/s 44AB, assessee could not submit his Income Tax Return for the A.Y. 12 - 13 upto 30th September, 2012 which is still pending. What is the remedy available to assessee now?
Rajendra K Goyal
(Expert) 11 June 2013
I am giving some lines taken from net:
If a return is submitted after the due date, the following consequences will be applicable;
1. The assessee will be liable for penal interest under section 234 A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses cannot be carried forward.
4. If the return is submitted belated, deductions allowable under certain sections will not be available.
Guest
(Expert) 10 December 2014
Well advised Already
