03 August 2011
My client is a HUF. Audit was not required.They have not filed I.T return on 31.07.2011.They have a refund amount for A.Y 2011-12. If filed after 31.07.2011 is there any interest or penalty. Can they claim the refund. Please advice.
03 August 2011
DEAR, 31/JULY IS NOT SUCH A HORRIBEL DATE. ITS IMPORTANT ONLY FOR THOSE WHO WANT TO CARRY THE LOSS UNDER THE HEAD BUSINESS/PROFESSION OR CAPIAL GAINS. SECONDLY, IT IS IMPORTANT FOR THOSE WHOSE TAX LIABILITY EXIST AFTER ADJUSTING TDS AND ADVANCE TAX ALREADY PAID. A SIMPLE INTEREST @1% PM IS PAYABLE ON BALANCE TAX PAYABLE. SINCE IN YOUR CASE, THERE IS REFUND DUE, YOU CAN FILE YOUR ITR UPTO 31 MARCH 2012 WITHOUT ANY PENALTY OR INTEREST.
CAclubindia
