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Return filling dates in audit u/s 44ab

17 September 2011

One of My Cleint under tax audit u/s 44AB, His Audit is complete, But some other income is to be added in persanal return. that is not available. what are due dates for filling return and what is penalty if he files return after due date.

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C.A SHASHANK GOYAL (Chartered Accountant) (362 Points)
Replied 19 September 2011

SIr , due date for filing in case the accounts are required to be audited is 30sept of the asst year .Above is the due date given under the provision of section 139(1).In case of filing after the due date but upto 31march of asst . year only interest under the provision of section 234A will be levied i.e 1% per month of part thereof .But after 31march Assessing Officer may levy penalty under section 271F that may be of Rs 5000.

Consequences delayed filing of return :

You may not be entitled to carry forward the loss under the provision of section 139(3).However You will be entitle to carry forward the loss from house property even when you file delayed return .

Tax Planning : It is better to file the return now , and after wards you can revise the return giving your personal income and this revised return will step in to the shoes of original return and you will be entitled to carry forward the loss .