Return
This query is : Resolved
31 January 2015
my it return of py2013-14 is yet to be filled.
please tell me what is the consequences of this and till when i can file my return.
31 January 2015
Plz find the Return or or before 31.03.15 other wise a penalty of Rs. 5000/- may be levied u/s 271F by Deptt.
Further it your Tax Payable is above Rs. 5000/- then you are also Liable for Interest u/s 234A @ 1% p.m or part upto Till Date from 31.07.14 if No Audit Case.
In case of Audit case Interest would be charged from 30.11.14.
Further it your Tax Payable is above Rs. 5000/- then you are also Liable for Interest u/s 234A @ 1% p.m or part upto Till Date from 31.07.14 if No Audit Case.
In case of Audit case Interest would be charged from 30.11.14.
31 January 2015
Dear sagar
As your actual date of filing the return is passed i.e.,31st july 2014.
Now you can file the return under sec 139(4) i.e. belated return and the time period is " with in one year from the end or relevant assessment year or completion of assessment by Assessing officer".
So for FY 2013-14
Date is 31st march 2016 ; and
the consequence of the same is you have to pay interest under sec 234A for delay in filing of return @1% per month after the due date of filing the return of income.
and Assessing officer may raise penalty under sec 271F upto Rs.5000. However, AO doesnot raise the penalty.
Remember one thing if you are filing return having no tax liability, then there is no interest.
Regards
Pradeep Kumar
As your actual date of filing the return is passed i.e.,31st july 2014.
Now you can file the return under sec 139(4) i.e. belated return and the time period is " with in one year from the end or relevant assessment year or completion of assessment by Assessing officer".
So for FY 2013-14
Date is 31st march 2016 ; and
the consequence of the same is you have to pay interest under sec 234A for delay in filing of return @1% per month after the due date of filing the return of income.
and Assessing officer may raise penalty under sec 271F upto Rs.5000. However, AO doesnot raise the penalty.
Remember one thing if you are filing return having no tax liability, then there is no interest.
Regards
Pradeep Kumar
31 January 2015
You are right but AO will raise Penalty of Rs. 5000/- if return is filed after 31.03.2015 not before that.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
