Menu
Belated it return??
Hi,
If I fail to file my return by 31st aug 2015, then I can file a belated return before 31st March 2016. And it seems there is no penalty for belated return either. So what is it that the assessee would lose if he files a belated return? Will the refund that is coming be canceled or anything like that?
Replies (2)
If you do not file your IT return in time,you may face following problems --
1- You will not be able to carry forward any loss i. e. Business loss, capital loss , loss due to owning and maintaining of race horses.
2- You may loose interest on refund, if any.
3- You cannot revise your return.
4- Late filing can delay processing for tax refunds.
5- You'll have to pay interest u/s 234A, 234B and 234C if there is any unpaid tax liability.
Okay...Thanks a lot sir
Recent Topic
- Dilemma of Indian Dependant Housewives
- TDS console file not open in RPU 1.1
- ITR 3: BFLA schedule not correct
- Dividend on foreign stocks in ITR2
- Refex Group IT Raid – What Can Investors Lea
- Capital losses when new equity was issued due to m
- Individual person having tution income more than 2
- Itr 3 and itr 4 last dates?
- Indexation v/s non indexation for capital gains
- Query for practicing CAs — how does your fir
Related Topics
CAclubindia
