What consequences failed to filed return of asst. year 12-13

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2015 Dear Sir

I failed to filed Income tax return for the asst. year 2012-13 in which TDS also deducted and now I shall filed IT Return for Asst. year 2013-14 and 2014-15.

Now I want to know What a Consequences arises for asst. year 2012-13 and how I can proceeds for Asst. year 2013-14 and 2014-15.

Plz ans. me as soon as possible

Thanking you

CA Anjana Grover

CA Anjana Grover (Expert)
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28 January 2015

If you have not filed return for AY 2012-13 & time has also elapsed for filing the return of that year does not mean you can not file return for AY 2013-14 & 2014-15.

And also every year is viewed separately from assessment purpose.Hence you should file return at least for those year for which you can now.

Regards

CA Anjana Grover

CA Anjana Grover (Expert)
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28 January 2015
Consequence of Non Filing of Return:

1. You can be issued notice u/s 142(1) for non-filing of income tax return if the income tax dept..
2. Losses if any during the year, would not be allowed to carry forward. Normally, if you file your return on time losses of this year can be set-off against gain of forthcoming years.
3. A Penalty of Rs. 5,000 may be imposed under section 271F if belated return is submitted. What is belated return?
4. Interest u/s 234A at the rate of 1% per month/part of the month would be charged.

Regards

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2015 Thnx Ms.Anjana............................................

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