Belated return filed without paying tax

This query is : Resolved

Manish Chetani (Querist)
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21 February 2012 A colleague has filed his return under section 139(4) without paying the tax . The ITR - V shows Tax Payable , the same has been posted to bangalore CPC for processing.
As we all know belated return cannot be revised.
So any expert Comments or solution to this situation is awaited.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 February 2012 Either wait for the 143(1) intimation or pay the tax now.
In both cases penalty can be initiated u/s 221(1).

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 February 2012 I agree with the later part of reply. It is better to pay tax with applicable interest, so that the assessee may take a plea or CAN have a favourable ground, for escaping from the penalty.
.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 February 2012 Tax amount along with the interest should be paid immediately. More delay will result in higher interest amount. And as stated by Paras Sir paying the amount now will be favorable for you in case penalty proceedings is initiated. And keep the challan safely in records.

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