Late filling of return

This query is : Resolved

Vipin Rathi (Querist)
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28 September 2011 DEAR SIR,
If A Pvt. Ltd. Company Filling Of Return After 30 SEP.2011 Than What Consequence Arise. According To Income tax Act. Or Company Act

Pragnesh

Pragnesh (Expert)
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28 September 2011 1. If assessee convered under Tax audit then : 0.5% of total sales, turnover or gross receipts, or Rs. 1,50,000 whichever is less

2. If assessee not convered under tax audit : Rs. 5000/-

Note : Current year's business loss will not allowed for c/f. & Section 234A will be applicable in both the case