late e-filling

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Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2010 assessee has turnover of Rs. 42 Lakhs. Audit has been done before 15th oct 2010. but due to some reasons he has filled his return on 19th oct 2010.
whether any penalty for late filling can be initiated by IT dept.

GSTP Hari Dhayalan Konar

GSTP Hari Dhayalan Konar (Expert)
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26 October 2010 Refer sec.271B. Failure to get audited the accounts or to furnish the report before due date. Penality is 0.5% of the total sales, turnover or gross receipts. But before getting the letter from the department, you may approach and explain the reason. you can avoid penality.

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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26 October 2010 No penalty if audit report is signed before 15/10/2010 & only delay in filing ITR.

CA. Deepak Narula

CA. Deepak Narula (Expert)
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26 October 2010 There is no penalty for filing belated return if the audit is already carried out before the stipulated time period. The only thing is that the return filed belatedly can't be revised and also the losses can't be carried forward which were shown in the belated return.

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