Consequences on late filing of return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2012 What are the possible consequences on late filing of ITR 1 or ITR 2 ?
Does it effect Refund in any manner ?
Plz Advise

Pankaj Gupta

Pankaj Gupta (Expert)
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31 August 2012 If your income is below the taxable limit then you can file a belated return also u/s 139(4) . No penalty or interest will be levied.Neither it will effect any refund.

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2012 What else if it is Above taxable Limit

Pankaj Gupta

Pankaj Gupta (Expert)
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31 August 2012 If a person is having taxable income and do not file a return upto the due date then following consequences will follow:-
* Such return cannot be revised.
*He is exposed to the risk of best judgement assessment u/s 144.
*Interest u/s 234A shall be levied.

And if he even do not file the return upto the end of relevant assessment year then he can also be fined with Rs.5000 u/s 271F.

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2012 Any adverse effect on Refund

Pankaj Gupta

Pankaj Gupta (Expert)
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31 August 2012 Refund can be claimed .
But make sure that assessing officer had not made a best judgement assessment(Which he can make at any time once the due date of return expires).

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