Income Tax - Non filing of Return
This query is : Resolved
22 December 2008
A company having turnover of more than 40 Lacs (44 AB Audit) and having business loss not filed the IT return.
Is there any provision to file the loss return late and if so what is the amount of penalty
Is there any provision to file the loss return late and if so what is the amount of penalty
22 December 2008
yes ,u can file belated return u/s 139(4) but loss will not be carried forward. u will be penalized for not filing tax audit report in time.
23 December 2008
Penalty u/s 271B can be initiated. If reasonable cause for the delay is proved penalty will be waived u/s 273B.
23 December 2008
Loss cannot be carried forward unless return is filed within the time stipulated u/s 139(1).
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