Havent filed returns yet

You can file your return upto 31st March 2011 but it will attract penalty under section 234A i.e filling of return after due date. Interest will be levied @ 1 % Per month or part thereof on tax amount.

Originally posted by : Sumit Arora
	You can file your return upto 31st March 2011 but it will attract penalty under section 234A i.e filling of return after due date. Interest will be levied @ 1 % Per month or part thereof on tax amount.

This link suggest penalty will be levied only if i pay after 31st march 2011...nothing about interest though

https://www.dnaindia.com/money/column_haste-is-waste-tax-returns-are-better-belated-than-inaccurate_1416012

But on income tax side it do mentions about the penalty ..I am bit confuse

Here on page 8 of this link

https://www.incometaxindia.gov.in/Archive/Filing_Your_Tax_Return.pdf

But if u file belated return then it cannot be revised.

Originally posted by : NEHA AGARWAL
	But if u file belated return then it cannot be revised.

Agreed but the article mentions belated return is better than improper return..And from the past 7 years i have filling returns i never went for revised returns...

I  make proper calculation donot trust CA blindly....Do prepare a false summary of taxes i have to pay and once completed i match the summary with one of CA...and always find discrepncies from his side(as it is given to trainees working their).

Also last time i only messed up in p/L sytatement..where interest of fd was calculated but in assets the value of year to previous was added

Only short fall of belated return i see is

1::: Cannot revise my returns

2:: If i have any losses which i can carry forward wont be allowed(FOrtunately in my case their are none)

3:: This is the only worry stuff for me that is Interest at 1% per month on tax due may be applied...But 5000 penalty will only be applied if i file after assessment year passes

Am i correct?