Filing of itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 November 2011 We are known that
filing of Income tax returns is with a last date of 30th Sep for a corporate entity...

Pl. advise
a) the consequence in case the returns is not filed on or before 30th sep.
b) Can the company file a return before 31st Mar.
c) what in case the company is at loss
d) what in case the company is at profit.

Experts. pl advise

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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03 November 2011 Whether company has loss or profit, compusorily required to file ITR u/s 139(1)

You can file return before 31st march with payment of interest(1% per month)(in case company has profit).It is treated as belated return u/s 139(4)

In case of loss no interest liability.

CA Anshu Agarwal

CA Anshu Agarwal (Expert)
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04 November 2011 if the company is required to get his accounts audited u/s 44AB, and return is not filed upto 30th september of the A.Y. then a penalty u/s 271B may be levied.

The company has to file the return latest by the end of the A.Y., otherwise, penalty u/s 271F may be levied.

in case company is in loss, it cannot carry forward the loss of the relevant previous year.

in case company is in profit, interest u/s 234A shall be levied.

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