Income tax return & audit report
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2015
A Company filing loss return if files return and audit report after due date will it be liable for penalty for late filing ??
25 September 2015
You can file belated return u/s 139(4). No penalty but you won't be able to carry forward losses and revise the return afterwards.
For tax audit report, Assessing Officer MAY impose penalty u/s 271B for a maximum of Rs.150,000
For tax audit report, Assessing Officer MAY impose penalty u/s 271B for a maximum of Rs.150,000
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