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Income tax return & audit report

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Querist : Anonymous (Querist)
25 September 2015 A Company filing loss return if files return and audit report after due date will it be liable for penalty for late filing ??
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RahulMehta

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RahulMehta (Expert)
25 September 2015 You can file belated return u/s 139(4). No penalty but you won't be able to carry forward losses and revise the return afterwards.

For tax audit report, Assessing Officer MAY impose penalty u/s 271B for a maximum of Rs.150,000

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