Nihit Dalmia (CA) (140 Points)
25 September 2010hi
For AY 2010-2011 if a FIRM liable to audit:
conducted its audit before 30sept 2010, but somehow omits to file the return of income (ITR-4) within 30 sept 2010 but files it before 31 st march 2011. so what will be the legal and penal consequences for this firm
waiting for reply
regards
Nihit Dalmia
Joey Tribbiani
(fdg)
(2010 Points)
Replied 25 September 2010
following sections would apply
Sec 234A-Interest in default in furnishing of RoI
sec 142(1)(i)--call for return
Sec-271B-non submission of audit report
Sec 276CC- prosecution in case of wilful failure to file return of income
among other sections which i might hv missed
assuming all advance tax instalments has been duly deposited
Gokul Viswanath Shenoy
(Company Secretary & Finance Manager)
(430 Points)
Replied 25 September 2010
he wont be able to claim loss( if it's a loss in that year) if it's not filed before the due date of filing the return,30th sept 2010..also he cant revise the return if it's not filed within the due date.
CAclubindia
