Due date of filing return

This query is : Resolved

Avinash (Querist)
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25 July 2013 Dear Sir,
I am an individual. As per sec. 139 (1) we can file return up to 1year from the end of relevant assessment year.
Its mean for FY.12-13 we can file return up to 31/03/2015. If so, what are the pros. & cons. of doing so.

Pls. correct me if I am wrong.

Thanking you,
Avinash

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 July 2013 Return of FY 2012-13.

1) Due date u/s 139(1) 31.07.2013 (Provided tax Audit not applicable. If applicable then due date 30.09.2013).

Advantage-

# Return filed u/s 139(1) can be revised later u/s 139(5).

# Loss can be carry forwarded.

2) Belated return u/s 139(4) without penalty of Rs 5000/- u/s 271F can be filed till 31.03.2014.

Disadvantages-

# Return filed u/s 139(4) can not be revised later u/s 139(5).

# Loss can not be carry forwarded.

3) You can also file belated return u/s 139(4) till 31.03.2015 but then AO may impose a penalty of Rs 5000/- u/s 271F.

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