I.t.r.

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Rakesh KUmar (Querist)

26 September 2013 if a Pvt. Company fails in filing the I.T.R. upto 30th September i.e. Last date of filing the i.t.r then is there any penalty describe in detail?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

26 September 2013 If a return is submitted after the due date, the following
consequences will be applicable:
1. The assessee will be liable for penal interest under section 234
A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if
belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses
cannot be carried forward.
4. If the return is submitted belated, deductions allowable under
certain sections will not be available.

CA Pallav Singhania

CA Pallav Singhania (Expert)

26 September 2013 Agree with the Expert,
In Addition to this,

It may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.

Due date of income tax return is related to TDS deposit and dis allowance u/s 40a(ia).

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