04 August 2011
what are the implication when a income tax return is not submitted within the prescribed time period? and also the time period of belated return is expired?
04 August 2011
If a person who is liable to file a return and does not file return within the prescribed time limit -i.e. till due date - He may be made liable to pay penalty of Rs. 5000 in addition to tax payable by him.
* If a person does not at all files his return for which he is liable, his income may be treated as concealed income and proceedings under the Act will be initiated against him. He is further made liable to pay a penalty of Rs 10000/-.
04 August 2011
Suppose assesse is individual. for AY 2011-12 He can file return till 31st july 2011 HE can still file return till 31 march 2012 as belated return but along with interst u/s 234 A in case of tax liability. He can file return till 31 march 2013 (maximum time for belated return ) but he may be made liable to pay penalty of Rs. 5000 as said above.
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