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)

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)

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)

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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