Failure to file itr in tax audit case

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Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2013 Assesse received a contact value of Rs. 85,00,000/- and an amount of Rs. 1,50,000/- was deducted as T.D.S. After getting the accounts audited u/s 44AB, assessee could not submit his Income Tax Return for the A.Y. 12 - 13 upto 30th September, 2012 which is still pending. What is the remedy available to assessee now?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 June 2013 Income tax return can be filed now. Penalty proceedings can be initiated u/s 271B. If so, seek relief u/s 273B by showing a reasonable cause for the failure to file return in time.

Prakash Kochar

Prakash Kochar (Expert)
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11 June 2013 For failure to file return on or before 31 March 2012 (in this case)penalty attracts u/s. 271F but not u/s. 271B.
If the audit is completed and report is signed by auditor before due date prescribed u/s. 139(1), no penalty will attract u/s. 271B.

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