Company- consequences of filing return post 30.09.2008
This query is : Resolved
21 September 2008
What are the consequences of filing a delayed by the Company?
Is the penalty upto 5000/-?
Is the penalty upto 5000/-?
21 September 2008
Mr.Pankaj your question is not clear.
1.Do you seek an answer for an income tax return filed after the end of the concerned asst.year.If it is so the penalty is Rs.5000/- u/s 271F.
1.Do you seek an answer for an income tax return filed after the end of the concerned asst.year.If it is so the penalty is Rs.5000/- u/s 271F.
21 September 2008
Mr.Jitnder your answer seems to be wrong due to a typographical error.It may be 234A and aplicability of 234B and 234C cannot be answered for want of tax details in the question.
22 September 2008
Friends correct me if I am wrong:
Specific penalty for late filing of return is prescribed u/s 271F . The same reads, "if a person fails to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"
So this section says 'end of relevant assessment year' (previous year 2007-08) - Present assessment year is 2008-09 and its end on 31.03.2009 . This means that there is no liability for late filing of income tax return up to 31.03.2009 and after that assessing officer may impose a penalty of 5000. Word used is 'may' - AO may or may not exercise his power to impose penalty!
Now an obvious question- why people are so much worried about the last date(?). The reason is that the last date has been linked with various other section of the income tax act. Below, I am trying to capture various impacts of late filing of the Income tax return.
1. Interest u/s 234A:If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.Means this interest is applicable only if there is any tax payable in your return .
2. Loss of Interest on refund:We may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.
3. Revised return :Late /belated return cannot be revised .
4. Not able to carry forward the losses under various heads:
Speculation loss
business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
short term capital loss
long term capital loss
loss due to owning and maint. of horse races
However there is no impact on following type of losses even if return is furnished after the due date-
loss from house property
business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
Specific penalty for late filing of return is prescribed u/s 271F . The same reads, "if a person fails to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"
So this section says 'end of relevant assessment year' (previous year 2007-08) - Present assessment year is 2008-09 and its end on 31.03.2009 . This means that there is no liability for late filing of income tax return up to 31.03.2009 and after that assessing officer may impose a penalty of 5000. Word used is 'may' - AO may or may not exercise his power to impose penalty!
Now an obvious question- why people are so much worried about the last date(?). The reason is that the last date has been linked with various other section of the income tax act. Below, I am trying to capture various impacts of late filing of the Income tax return.
1. Interest u/s 234A:If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.Means this interest is applicable only if there is any tax payable in your return .
2. Loss of Interest on refund:We may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.
3. Revised return :Late /belated return cannot be revised .
4. Not able to carry forward the losses under various heads:
Speculation loss
business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
short term capital loss
long term capital loss
loss due to owning and maint. of horse races
However there is no impact on following type of losses even if return is furnished after the due date-
loss from house property
business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
22 September 2008
1. Yes.
2. Yes.
3. Yes.
4. Yes
2. Yes.
3. Yes.
4. Yes
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