16 November 2009
In case your compny, 5 yr old no need to pay bonus.othervise you liable to pay bonus even heavy loss and stringent financial market conditions this is statutory payment.Ceiling amount Rs.3500.
16 November 2009
ok sir thank you, my next question is: Singh by a registered deed gift provide land property to A, his daughter . By the terms of deed it was given that an annuity of Rs.2000 should be paid every year to B, singh's brother. A promised to pay to B but failed to pay. Is A's contention is valid? please reply soon!!
18 November 2009
ok sir, thank you for your reply. my next question is: I hav a clarification in efiling of IT returns. If for a person to whom the filing made on 31st oct i.e. he/she is a individual having tax audit and the director of a company. But if we have filed the return mentioning the due date as 31st july and paid extra interest, will there be any notice from IT dept????
09 August 2024
When filing Income Tax Returns (ITR) for an individual who is subject to tax audit and also a director of a company, there are specific compliance deadlines and penalties associated with late filing. Here's a detailed clarification based on your situation:
### **Due Dates and Filing:**
1. **Due Date for Filing:** - For individuals who are subject to tax audit (such as directors of companies), the due date for filing the Income Tax Return for the financial year is typically **September 30th** of the assessment year. For example, for the financial year 2022-23 (Assessment Year 2023-24), the due date is **September 30, 2023**.
2. **Filing After Due Date:** - If the return is filed on **October 31st**, it is after the due date of September 30th. Since it is past the due date, interest under **Section 234A** for delayed filing is applicable.
### **Implications of Filing Late:**
1. **Interest Under Section 234A:** - **Section 234A**: This section mandates payment of interest for delayed filing of the return. The interest is calculated at 1% per month or part of a month from the due date until the date of actual filing.
2. **Penalties and Notices:** - **Penalties**: Under **Section 271F**, a penalty may be imposed for failure to file a return of income. However, if the return is filed after the due date and before the end of the assessment year, the penalty may be minimal. - **Notices**: If the return is filed late, the Income Tax Department may issue a notice or seek clarification. This is often part of the process to ensure compliance and assess any additional tax or interest due.
3. **Details in Return:** - If the return is filed after the due date but mentions the due date as July 31st and the extra interest has been paid, ensure that the return is accurate, including all relevant details.
### **Steps to Mitigate Issues:**
1. **Verify the Filing Status:** - Confirm that the return is correctly filed with all necessary details and interest under Section 234A is correctly calculated and paid.
2. **Respond to Notices:** - If the Income Tax Department issues any notice regarding the delay or any discrepancies, respond promptly and provide the necessary documentation or clarification.
3. **Check Compliance:** - Regularly check for any notices or communications from the Income Tax Department via the income tax e-filing portal.
### **Summary:**
- **Due Date**: For tax audit cases, the due date is September 30th, not July 31st. - **Interest**: Interest under Section 234A for late filing should be paid. - **Notices**: Be prepared for potential notices from the IT Department due to late filing.
By ensuring that all aspects of the return are correctly addressed and responding promptly to any notices, you can manage the implications of filing the return after the due date.
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