Mahender Singh (STUDENT) (147 Points)
18 January 2013will the procedure be same of efiling after due date to before due date of efiling.
is their any panelty by income tax department if efiling is done after due date?
S.ASWATH
(Manager)
(704 Points)
Replied 18 January 2013
Yes, procedures will be same except in ITR u need to select the section 139(4) for belated return
and for late filing 234A interest will apply @ 1% p.m for every late month if tax payable cases refundable cases no penalty
Mukesh Babu
(IPCC Student)
(236 Points)
Replied 20 January 2013
There is no penalty on late filing of IT Returns.
But there are some disadvantages Interest 1% on Net Tax Liability, you can't carry forward ur loss to subsequent years & may not be able to get refund
CAclubindia
