26 September 2013
if a Pvt. Company fails in filing the I.T.R. upto 30th September i.e. Last date of filing the i.t.r then is there any penalty describe in detail?
26 September 2013
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.
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