Consequences of late filing of i t return
This query is : Open
05 August 2017
what are the consequences of late filing of income tax return in the following circumstances............
1. If income tax is payable
2. if refund is there
3 no tax payable or refundable.
1. If income tax is payable
2. if refund is there
3 no tax payable or refundable.
K Srinivas, CMA CS
(Expert)
05 August 2017
1. Interest will be levied and penalty may be or may not be levied.
2. None, generally
3. None, generally
05 August 2017
1. Interest is calculated for the late.
2. Late filing interest calculatd then refund amount reduced.
3. No more action generally....
CA Rashmi Gandhi
(Expert)
05 August 2017
Penalty upto 5000/- may be levied.
CA Rashmi Gandhi
(Expert)
05 August 2017
Generally penalty not levied but may be levied.
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