TDS claim on late filling
Ajay Goswami
(Querist) 06 October 2009
This query is : Resolved
A coop Soc Ltd has get its account audited before 30th Sep 09 but could not submit the return before 30the sep09.
now what are the consequences of late filling:
whether the TDS refund can be claimed by filling ROI after due date?
Whether 44AB penalty will be imposed i.e. half % or 100000
A V Vishal
(Expert) 06 October 2009
You have not stated whether the C0-0p society Ltd has incurred a cash loss/profit in case of cash loss it is not allowed to be carried forward to subsequent years and also you will be penalized under S.271F of the Income Tax Act and if the turnover exceeds 40.00 Lakhs then the penalty of 1/2 % can also be imposed. However, any TDS claims shall be allowed.
Ajay Goswami
(Querist) 07 October 2009
I have cleared my self
Please read the Act very carefully, following crux arrived:
----TDS refund can be claimed by filing belated return although some of the losses can't be carried forward.
----we can keep the audit report dated before 30th Sept and file the return befor the end of A.Y to avoid penalty u/sec 271F of Rs. 5000
Act specifiaclly states that you need not to file the hard copy og audit report to IT depttat all except it was asked at the time of assessment.
In Act it is mentioned that no penalty shall be imposed for not furnishing the audit report.
