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Company tax return

Parmod Rawat (B.COM,MBA,CWA Inter) (401 Points)

29 September 2012

if i am not able to file the company tax return of financial year 11-12, before 30th of September 2012 then what are the consequences of that or penalities levied in respect to that....

thanks in advance

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CA Manish (Job) (5264 Points)
Replied 29 September 2012

Impact of late filing of Income tax return & issue related to due date

1.Interest u/s 234A:If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @ 1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B.

2.Loss of Interest on refund:You may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.

3.Revised return :Late /belated return can not be revised .

4.Due date of income tax return is related to TDS deposite and disallowance u/s 40A(ia).

5.Due date of Income Tax return is related to tax saving u/s 54,54B,54F and some other issues in capital gain saving account deposit scheme.

6.Not able to carry forward the losses under various heads:you are not able to carry forward following type of losses if file return after due date

•Speculation loss

•business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research

•short term capital loss

•long term capital loss

•loss due to owning and maint. of horse races

However there is no impact on following type of losses even if return is furnished after the due date

•loss from house property

•business loss on account of unabsorbed depreciation and capital expenditure on scientific research.

In fact there is no penalty as such for this fault ,absolutely no penalty. Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under

"if a person failure to furnish return of income as required by section 139 (1) before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

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