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Last date of filling of income tax return.

This query is : Resolved 
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(Querist)
28 September 2011 Dear Sir,
what will be happened if we do not file income tax return by 30.09.2011.
in case of company and individual whose return is required to be audited

Thanking you
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CA Anjali Aswal

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CA Anjali Aswal (Expert)
28 September 2011 The penalty u/s 271B will be levied which is 1/2% of turnover or Rs. 150000 which ever is less.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 September 2011 Also, You cannot carry forward losses.

If taxes have not been depoaited before 30.9, interest under Section 234A shall be levied for late filing of return.
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Pragnesh

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Pragnesh (Expert)
28 September 2011 In view of the specific provision contained in sec. 273B, no penalty shall be imposable u/s.271B on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure.
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