Filing of return &audited report

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2014 respected sir, for a traders who's turnover crossed 1 crore , we file return of income under sec 139. and file audited report under sec 44ab. last date for filing audited report is extended up to nov-2014, so there is no penalty. but what about return of income.
in my opinion we can file return of income with out penalty upto expiry of one year from end of relavant assessment year (or notice under sec 142 (1).
please discuss

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 September 2014 Penalty u/s 271F can't be levied if return is filed as you said.
Penalty u/s 271B also can't be initiated in view of the extension granted to get the accounts audited and to furnish the report.

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