Belated return penalty for audited it return

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Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2013 If any assessee get his accounts audited & Form 3CB and 3CD is uploded by CA & approved by assessee before 30.09.2013 and ITR-4 have been submited after 30.09.2013 what will be the penalty imposed by IT Dept.

CA Mohit Bansal

CA Mohit Bansal (Expert)
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14 September 2013 No penalty. It would only be a case of belated filing of return u/s 139(4). Under which you will be deprived of the carry forward of losses incurred in that A Y and other benefits of filing return within time. But no penalty shall be levied if return filed before the end of the relevant A Y. If you file the return after the relevant A Y then penalty u/s 271F of INR5000 shall be levied by the department.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2013 thanks sir

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