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Havent filed returns yet

Sohil (Learner) (631 Points)

29 July 2010

I havent filed my returns yet...as i was about to file my return but rains playing spoilsport for me....

But today i was reading an article by wonderland consultants director stating that i can file belated return upto may 31st 2011...which wont attract penalty..

Is it true??

As i had done all my calculatuions and tax to be paid in advance and only needed to give it to Ca for counter verification.....

But now from same article i found for calculating STCG STT is not allowed as expense hence i needed to reassess my spendings.....

So can i delay further by a week...if not please reply as its urgent

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5 Replies

CA Sumit Arora (CA) (1410 Points)
Replied 29 July 2010

You can file your return upto 31st March 2011 but it will attract penalty under section 234A i.e filling of return after due date. Interest will be levied @ 1 % Per month or part thereof on tax amount.

Sohil (Learner) (631 Points)
Replied 29 July 2010

Originally posted by : Sumit Arora
	You can file your return upto 31st March 2011 but it will attract penalty under section 234A i.e filling of return after due date. Interest will be levied @ 1 % Per month or part thereof on tax amount.

This link suggest penalty will be levied only if i pay after 31st march 2011...nothing about interest though

https://www.dnaindia.com/money/column_haste-is-waste-tax-returns-are-better-belated-than-inaccurate_1416012

But on income tax side it do mentions about the penalty ..I am bit confuse

Here on page 8 of this link

https://www.incometaxindia.gov.in/Archive/Filing_Your_Tax_Return.pdf

CA NEHA AGARWAL (Practise) (227 Points)
Replied 30 July 2010

But if u file belated return then it cannot be revised.

CA NEHA AGARWAL (Practise) (227 Points)
Replied 30 July 2010

If return is not furnished within the time allowed under section 139(1) or within the time allowed under notice issued u/s 142(1), the person may, before the assessment is made, furnish the return of any previous year at any time before the end of one year from the end of relevant assessment year.

Sohil (Learner) (631 Points)
Replied 30 July 2010

Originally posted by : NEHA AGARWAL
	But if u file belated return then it cannot be revised.

Agreed but the article mentions belated return is better than improper return..And from the past 7 years i have filling returns i never went for revised returns...

I make proper calculation donot trust CA blindly....Do prepare a false summary of taxes i have to pay and once completed i match the summary with one of CA...and always find discrepncies from his side(as it is given to trainees working their).

Also last time i only messed up in p/L sytatement..where interest of fd was calculated but in assets the value of year to previous was added

Only short fall of belated return i see is

1::: Cannot revise my returns

2:: If i have any losses which i can carry forward wont be allowed(FOrtunately in my case their are none)

3:: This is the only worry stuff for me that is Interest at 1% per month on tax due may be applied...But 5000 penalty will only be applied if i file after assessment year passes

Am i correct?