I.t.return of huf

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2011 My client is a HUF. Audit was not required.They have not filed I.T return on 31.07.2011.They have a refund amount for A.Y 2011-12. If filed after 31.07.2011 is there any interest or penalty. Can they claim the refund.
Please advice.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

03 August 2011 Yes. you can file the return as belated and claim the refund but interest will be attracted for late filing of return as per sec.234A

so your refund will be after adjusting the penal interest

rajiv

rajiv (Expert)

03 August 2011 DEAR, 31/JULY IS NOT SUCH A HORRIBEL DATE. ITS IMPORTANT ONLY FOR THOSE WHO WANT TO CARRY THE LOSS UNDER THE HEAD BUSINESS/PROFESSION OR CAPIAL GAINS. SECONDLY, IT IS IMPORTANT FOR THOSE WHOSE TAX LIABILITY EXIST AFTER ADJUSTING TDS AND ADVANCE TAX ALREADY PAID. A SIMPLE INTEREST @1% PM IS PAYABLE ON BALANCE TAX PAYABLE.
SINCE IN YOUR CASE, THERE IS REFUND DUE, YOU CAN FILE YOUR ITR UPTO 31 MARCH 2012 WITHOUT ANY PENALTY OR INTEREST.

Amit Kumar Agarwal

Amit Kumar Agarwal (Expert)

04 August 2011 Also one more disadvantage will be that you will not receive interest on refund amount upto the date of actual filing of return.

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