Compulsory of return filinf before 30.09.2012

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2012 Dear Member,

I am confused that if 30.09.2012 is the last date of audit or it is last date of return filing. Can i also file return after 30.09.2012 in case of audit and plz also confirmed if there is any penalty in case of non filing of return before 3.09.2012

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 October 2012 Section 271B provides that where an assessee fails to furnish a report as required u/s 44AB, penalty shall be levied.

Section 44AB provides that the report is to be furnished by the due date of filing the return.

Section 271B read with Section 44AB makes it clear that penalty shall be levied if the audit report is not furnished by the due date of filing the return, i.e., 30th September.

Penalty will be 0.5% of turnover/gross receipts or Rs. 1,50,000 whichever is less.

Further, the assessee is NOT allowed to carry forward the business loss.

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