Sir
I am Vasu, Accountant, I was efiled our proprietory concern income tax on midnight of 30-09-2012 (actually it is 01-10-2012) with refund amount of Rs.14000/-. Our turnover is 2.3 crores. Paid Taxes Rs.186,000/- and claimed refund Rs.14000/-. Please clarify that can we have pay penalty on late filing of IT return, till now we have not received any communication from IT department, please clarify.
Vasu
Ph: 9666669464
There would not be any penalty. If you have loss, it will not be carried forward. And because it is a belated return, you cannot revise later on if required.
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