28 September 2012
the assessee filed a income tax return for the f.y 11-12 under tax audit but due to insufficient of funds return was filed showing tax in arrears. The assesee planned to make the payment the of tax arrears after 2 -3 months by filing the revised return of income along with interest...I want to know what is the consequences as per IT act for non payment of tax if any penatly can be arise on A/C of this.....its a urgent....!!!!!!!
29 September 2012
As per the provisions of the income tax act Self assessment tax has to be pay at the time of filing of income tax return in case any tax payable after considering Advance tax,TDS & TCS. But at any place of the act(as per my knowledge) it didn't allow the filing of return without payment of self assesment tax but according the the coulumn provided in the ITR form tax can be due at the time of filing of return. So if you file the return of income as showing tax liability is payable i.e due then you not make any fraud so i think it is permitted. And not required to file revised return after the payment of due of tax at the time of filing of return just send the payment details to the AO.
Before 2 years back for the returns filed on 29th and 30th September we filed some audit case(Below 10 cases) with out payment of tax and showed as payable due to the continues holidays of banks and balance in bank account also used and some backs not allowed to payment due to the half yearly ending they put service into offline mode etc... But paid on 1st October and the payment details and copy of chalana submitted to the AO(On that time electronic ITR-V also has to file with the AO). Later that no problem till now.
So i think you can proceed like that and my suggestion is no need to file revised return and however there is time limit of 120 days(i.e 4 months approx) to received ITR-V by the CPC after receipt of ITR-V only CPC start the assessment process so i am saying to you send your ITR-V after the payment of the tax and it has updated in form 26AS along with the copy of chalana. In case you received any demand for the CPC then reply to it with 154 rectification about regarding your payment.
01 October 2012
For default in payment of self assessment tax u/s. 140A, he will be deemed to be assessee in default u/s. 140A(3), Attracting Penalty u/s. 221(1). No penalty is imposable, on proving that the default was for sufficient and good reason.
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