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Discussion > Income Tax >

Late filing of pvt ltd. company return(itr-6)

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CA

[ Scorecard : 2192]
Posted On 20 January 2012 at 17:02 Report Abuse

Hello,

A Pvt. Ltd. Company has not filed its Income Tax Return for the year ended 31st March 2011even till today  where it should have filed until 30th Sept 2011. What is the penalty considering the following:

It is a Pvt Ltd Company with 1 lac of authorised and paid up capital with 2 directors and the directors themselves are the share-holders. Turnover is only about Rs. 2 lacs, hence no qusetion of tax audit. Company also does not have VAT or Service Tax Regn.

I believe there is no penalty at least until 31st March 2012 and then there is a chance of penalty of Rs.5000 u/s 271F if filed after that date if the AO does levy. Is this correct?


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Dipjyoti Majumdar
CA in service & CS. dipmaj@ rediffmail.com

[ Scorecard : 2973]
Posted On 20 January 2012 at 18:17

Your views on penalty under 271F is correct. But also be abreast of the following (You might know already)

1) The business loss will not be allowed to be C/F

2) As a belated retuen will be filed , you will not be entitled to submit a revised return thereafter.

Regards,



Total thanks : 1 times




U S Sharma
glidor@gmail.com

[ Scorecard : 19381]
Posted On 21 January 2012 at 00:07

there is no exemption from audit in case of "companies" , audit is mandatory.




Noida
CA final

[ Scorecard : 592]
Posted On 27 January 2012 at 22:07

@ u s sharma- Mr.Yash is saying abt tax audit n not stat audit



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Rajendran
Cost Accountant

[ Scorecard : 23]
Posted On 01 December 2012 at 18:29

DUE TO SYSTEM PROBLEMS PVT LTD CO HAD FILLED INCOME TAX RETURN LATE WHETHER BUSINESS LOSS IS ALLOWABLE.


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