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


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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CA in service & CS. dipmaj@ rediffmail.com

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

 
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glidor@gmail.com


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

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


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Cost Accountant


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

 
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