Belated return..is there any penalty..??

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Sandeep purohit (Querist)
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27 January 2012 i am a partnership firm and my TDS is sufficient to bear my tax liability,even there is tds refund.my turnover is 1 crore and i audited my accounts (A.Y 2010-11) on 28 sep 2011.but still i not filled income tax return.if i will file e-return before 31 march 2012 to claim tds refund,Is there any penalty for belated return..????

U S Sharma

U S Sharma (Expert)
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27 January 2012 if audit report is submitted to IT department within 30th sept, then auditor will upload the return electronically,

get advise of your auditor in this regard.

Sandeep purohit

Sandeep purohit (Querist)
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27 January 2012 still, audit report is not submitted to IT deprtmnt...

Ravikant

Ravikant (Expert)
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27 January 2012 how can you submit Audit report with online return ? there is no such provision.

File your return before 31 Mar - With no Penalty.

After that Discretionary Penalty of Rs.5,000/- MAY be Levied.

Sandeep purohit

Sandeep purohit (Querist)
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30 January 2012 Thanx sir...really thanx
but, plz provide section no. and clause, from which i can prove that point....

Ravikant

Ravikant (Expert)
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30 January 2012 Any person who has not filed the return within the time allowed may be file a belated return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, which ever is earlier. - 139(4)

Penalty - Section 271 F

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