Income Tax - Non filing of Return Loss making company
This query is : Resolved
Swaminathan
(Querist)
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
N J Ansari
(Expert)
22 December 2008
You will not be allowed to carry forward
and set-off losses against income in
subsequent year.
and set-off losses against income in
subsequent year.
23 December 2008
Assessing officer can initiate penalty proceedings u/s 271B. Penalty prescribed under that section is 0.5% of turnover/gross receipts OR Rs.1,00,000/- whichever is less. However, if reasonable cause for the delay is proved penalty will be waived u/s 273B.
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