Non filing of return within due date

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2011 Sir,
My client is covered u/s 44AB but the return was not filed till 30th sep. The provisions of 271B say about the completion of audit before 30th sep. It does not talk about filing of return before 30th sep anywhere. Can my client take a stand that accounts where duly audited till 30th sep but the return was filed on 1st oct? And whether in this case penalty will be levied u/s 271F (Rs. 5000) instead of 271B?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 October 2011 Section 139(1) dealing with the Income tax return with in due date & belated return and consequences dealing with section 139(4). section 271F only dealing with penalty for non filing of return before the due date.so refer section 139(1)

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CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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01 October 2011 there will be no penalty if ITR is filled before 31st march 2012 but it result in non c/f of losses, unabsorbed depr, non revision of ITR.

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