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Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2011 what is the penalty for late filing of return

Aijaz Shaikh

Aijaz Shaikh (Expert)
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23 November 2011 Consequences of belated return i.e late filing of return:

1.Section 271F
If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]

2. Belated return cannot be revised.

3. Loss from any source, except house property loss cannot be carry forward.

4. You may have to pay increase interest u/s 234A & 234B upto the date of payment of SA tax.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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23 November 2011 if the return is filled with in the time limit prescribed under section 139(4) then interest would be payable as per section 234A,B,C otherwise the penalty would be charged Rs.5000 by the AO if the proper reason for not submitting the return with in time limit prescribed then it (penalty) would be exempted.For more and clear details please go through the penalties chapter.
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jyoti bhagchandani

jyoti bhagchandani (Expert)
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23 November 2011 u may find the undermentioned link helpful.........http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/section234A.htm

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2011 thanks all..