Due date of filing return
This query is : Resolved
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
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
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.
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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