19 December 2012
is possible to file return after 30 sep 2012 for a client whose total turnover 47 lakh and tcs amt is 42000 and maintain proper books of account without penalty us 271B
19 December 2012
Yes, he can file his return of income upto 31-3-2013 with out penalty as well as upto 31-3-2014 to claim TDS U/s 139(4). In case return filed after 31-3-2013 AO may impose penalty u/s271B but not must and should. In your case assessee has TCS credit so Penalty u/s271B also may not impose eventhough you filed after 31-3-2013.
So in one word the assessee can file his return of income upto 31-3-2014 as belated return u/s139(4) and can claim tcs credit and refund or tax adjustment with out paying penalty.
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