23 November 2011
Consequences of belated return i.e late filing of return:
1.Section 271F If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]
2. Belated return cannot be revised.
3. Loss from any source, except house property loss cannot be carry forward.
4. You may have to pay increase interest u/s 234A & 234B upto the date of payment of SA tax.
23 November 2011
if the return is filled with in the time limit prescribed under section 139(4) then interest would be payable as per section 234A,B,C otherwise the penalty would be charged Rs.5000 by the AO if the proper reason for not submitting the return with in time limit prescribed then it (penalty) would be exempted.For more and clear details please go through the penalties chapter. OM SAI SRI SAI JAI JAI SAI
23 November 2011
u may find the undermentioned link helpful.........http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/section234A.htm
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