Consequences if return filed affter 30.09.2014

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2014 please clarify,
what are the consequences if assessee files income tax return and also tax audit report ie form no 3CB AND FORM No.3CD in the month of october 2014 or november 2014 ?
is he liable for penalty u/s 271 ?

kindly clarify.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 Gujarat High Court has already instructed CBDT to extend the due date. So lets hope 271 wont come into picture for you!

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Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2014 when cbdt extended for TAR to file upto 30.11.2014,
can they intiate to levy penalty u/s 271 if return and itr both filed either in the month of oct 14 or nov14 ?

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 penalty for late filing is applied under 271F and not under 271. And 271F cannot be applied as long as you file the return by 31 March 2015

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2014 can deptt intiate penalty u/s 271 if return and TAX audit reports such as 3CB & 3CD are filed in the month of october 2014 or nov 2014? ie 0.5% of turnover subjet max of 1.5 lakhs.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 no friend...they have already extended the dates....so no penalty..

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