Belated return

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Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2015 Dear all
plz let me know the means of belated return

plz reply

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 March 2015 When a return is filed after due date it is called belated return. Please refer section 139(4) of Income Tax Act 1961 for provisions related to belated Income Tax Return.

Remember there are certain disadvantages of filing belated return. Two important disadvantages are:

1) Belated return can not be revised.
2) If belated return is filed you can not carry forward losses.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2015 Dear sir
i have filled the income tax return FY 2012-13. how much maximum penalty may be imposed by income tax department

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 March 2015 If the belated return is submitted on or before 31.03.2014 then no penalty.
If return is submitted after 31.03.2014 then a penalty of Rs 5000/- may be imposed by AO u/s 271F after giving you an opportunity of being heard. Rs 5000/- is maximum penalty.