Non filing of income tax return of assessee

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2011 Sir,
i have prepared tax audit report of the assessee before 30th sep,2011. but due to non availability of digital signature on time , i could not file the income tax return of the same assessee before 30th sep. and the same is being filed by me on 1st oct,2011. In this case what are the consequenses for non filing of ITR?

CA. Rajesh P. Ahir

CA. Rajesh P. Ahir (Expert)
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04 October 2011 As per my understaning about your situation,
you have got the Audit done with-in the time limit (i.e. 30 Sep.), But the Return of the income has not been filled with in due date as is the same (30 Sep.)

Now you can not caary forward the Losses to the Next years, and there may be penalty u/s 234 for late filling of the return.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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05 October 2011 You can not revised the return
you can not get set off of the loss next year

May be ITO fine penalty U/S 234 but very less chances of it.

Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615

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