Income tax return filing

Can someone help me with this, I have to file income tax return for a company which has been incorporated a way back, however we have audited accounts only for the past 3 years.Kindly advice me about belated income tax return and at the same time penalty charges for such belated return & the section under which income tax is payable. Though we are online with ROC . Lastly since the returns have been delayed, can we  off set losses for the past year in the following AY.  

Replies (8)

Dear Asha,

U have asked alot of things in this small question...

Anyways

1) Belated return can be filed only upto one year from the end of relevant assessment year..i:e for FY 2006- 07, return can be filed upto 31.03.2009.

2) Penalty of Rs. 5,000 in respect of each year may be imposed by AO u/s 271F

3) Losses can be carried forward only when Return is filed within due dates, in short u cannot carry forward the losses except the "Depreciation part or what is called as Unabsorbed Depreciation"

Dear Asha,

agree with Mr.Amir

Belated return should be filed before one year from the end of relevant A.Y...for eg. A.Y. 08-09 should be filed before 31.03.2010.

Penalty of Rs. 5,000 in respect of each year may be imposed by AO u/s 271F

as rightly said by Mr.Amir Losses can be carried forward only when the Return is filed within due date, except unabsorbed depn even if the return is not filed within due date but the return should have been filed to calim unabsorbed depn also....

Thank you for your prompt responses, just 1 more clarification Is the belated return facts covered under sec 139 of Income tax act Kindly advice.

Dear Asha,

Relevant Section is 139(4)

Regarding Loss return Sec 80 is there.

Yes...Mr.Amir is right....

& if i am not wrong then Unabsorbed dep can be carried forward for infinite no. of yrs..Am i rite???

yes richa unabsobed dep can be carry forward any no.of year

S dear Richa you are right....

Unabsorbed dep can be carried forward for infinite no. of  years...

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