TDC claim on late filling

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This query is : Resolved

Ajay Goswami (Querist)

06 October 2009 A coop Soc Ltd has get its account audited before 30th Sep 09 but could not submit the return before 30the sep09.

now what are the consequences of late filling:

whether the TDS refund can be claimed by filling ROI after due date?

Whether 44AB penalty will be imposed i.e. half % or 100000

sunny bansal

sunny bansal (Expert)

06 October 2009 yes there will be interest penalty under section 234a for late filling of return.along with penalty for section 44ab for non auditing accounts & submitting the return on the time. as section require if we r unable to file the return on time , tax audit report should be submitted with the deptt.to avoid the penalty u/s 271

Shyam Lal Naik

Shyam Lal Naik (Expert)

06 October 2009 Beg to differ on the point of penalty u/s 271. At present, there is no requirement of furnishing the audit report to the department, either the audit report as stand alone basis or along with the return.

The only requirement is to obtain the report before the due date.

Since the audit report has been obtained before the due date, no penalty can be imposed on this count, in my view.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)

06 October 2009 Hi Ajay,

1) TDS refund can be claimed by filing belated return although some of the losses can't be carried forward.

2)As expert Naik said keep the audit report dated before 30th Sept and file the retirn befor the ebd of A.Y to avoid penalty u/sec 271F of Rs. 5000

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