Belated return of ay 12-13

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 i had filled return of ay 12-13 and paid tax, bt one of my friend said tht penalty levied on it. now i have to revised a return. so it can be possible.

urgent..plz.z.

thnx in advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 April 2013 Belated return can not be revised. Wait for notice from Income Tax Department.

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 but i want to escape from penlty..
n is it true tht u can filled belated return of ay 12-13 till ay 13-14. coz i referred one query regarding this on CCI. nd in it this mentioned.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 April 2013 Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.

Penalty of Rs 5000 may be imposed u/s 271F if the return of income is not filed within the end of the relevant assessment year in your case within 31.03.2013.

Please not the word 'May be imposed'. Its on AO whether to impose any penalty or not. So you just wait for intimation from IT department.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 thnk you sir bt if AO impossed any penalty thn its compulary to pay???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 April 2013 He will 1st send you a show cause notice and will allow an opportunity to hear your case. Based on your explanation he may or may not impose penalty.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 ohk sir.....thnx so can i revised tha???t return?? coz one of my fellow ca suggests me to filed revise return

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 April 2013 No dear you can not revise the return.

It should be noted that where a belated return is filed u/s 139(4), no revised return u/s 139(5) can be filed as it was held in Jagdish Chandra Sinha v. CIT 220 ITR 67 (SC).

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 so for your point of view wat can i do now?? if ny notice ll issued thn wat kind of clarification i would hv to give ??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 April 2013 You will have to give reasons for late filing of return as and when a show cause is issued to you.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 thank you so much sir or o filked revised return by efillingis it caused any penalties?? or ny legal issue??
nd if i filed revised return after notice u/s 141 thn ??

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 thank you so much sir or o filked revised return by efillingis it caused any penalties?? or ny legal issue??
nd if i filed revised return after notice u/s 141 thn ??

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2013 if i aint send acknoledgement thn return will be treated as invalid, so after that can i filled a fresh return.??

plzz answer..

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 April 2013 If you miss submitting your ITR-V within 120 days, your e-filing will be considered as null and void. It means that it will be considered that you have not yet filed your return. In such a case you will have to file revised return, get a new ITR-V and submit the same within 120 days.

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