Presumptive tax returns filing ,delay

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Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2013 Dear Sir,
Can income tax returns be filed on presumptive basis for last two previous/financial years of construction business under sole proprietorship by the legal representatives of the deceased proprietor , if the turnover in these years have been below the limits of Rs 60 lac.Is there any penalty for late filing?

thanks

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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04 February 2013 Now you can file for A.Y 2011-12 with in 31-3-2013 and for A.Y.2012-13 with in 31-3-2014 and before that years you can't file.

And no penalty for filing but however in case of any payment of tax then you have to pay interest u/s 234A,234B & 234C.

OM SAI SRI SAI JAI JAI SAI

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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04 February 2013 IF Return is filed U/s 44AD Interest for late filing U/s 234A , will only be leviable. 234B & 234C are not applicable.
.

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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05 February 2013 Yes, CA paras Bafna sir, is correct because of from A.Y.2011-12 liability of payment of advance to the assessee who offering their income is under presumptive basis is exemption. So 234B & 234C is not applicable. Thank you CA Paras Bafna sir, i forget that to remembered me.

OM SAI SRI SAI JAI JAI SAI

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