Incometax return

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ABADH KISHOR

ABADH KISHOR (Querist)
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07 August 2013 Dear all ,
can you tell me what is the latefine chareges after duedate of filling return.

Regards
Abadh

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 August 2013 1% int is to be charged for evry month or part thereof u/s 234A.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 August 2013 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.

Say Return for AY 2013-14.

Due date is 05.08.2013. (30.09.2013 for Tax Audit cases & Companies) If belated return filed Till 31.03.2014 no penalty. After 31.03.2014 till 31.03.2015 penalty of Rs 5000/- may be imposed by AO u/s 271F.

Hemant Kumar

Hemant Kumar (Expert)
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07 August 2013 Agree with Sanjay Gupta sir.

ABADH KISHOR

ABADH KISHOR (Querist)
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07 August 2013 Thanks a lot sanjay sir and fin tushar sampat sir, but sampat sir i have a confusion when applicable this rule about incometax return filling.
suppose for a.y 2013-2014,
Due date - 05.08.2013
If i filled return after 06.08.2013
than will applicabale.
sanjay sir plz Advice me.
your mean before 31.03.2014 no panelty and no interest.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 August 2013 oncedue date this time it was extended to 5.8.2013 is over and if return is not filed then from 6.8.13 int u/s 234A is applicable for the month or part thereof.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 August 2013 Interest is different from penalty.

U/s 234A If the assessee has not filed his return of income within the time limit prescribed, he shall pay simple interest @ 1% for every month or part of a month. It is calculated from the due date to date of furnishing the return.

Penalty u/s 271F may be imposed by AO if return filed after the end of the relevant Assessment Year.

After 05.08.2013 Only interest.

After 31.03.2014 Interest + penalty of Rs 5000/- may be imposed by AO.

ABADH KISHOR

ABADH KISHOR (Querist)
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09 August 2013 Thanks sanjay sir and sampat sir,both sir have clearyfied my doubt.

thanks again a lot

Regads
Abadh

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