Late filing of ITR5

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sajad ali

AMMO

23 Points Posted on 14 October 2009

I am an accountant, looking after Income Tax/ VAT accounts of various firms. The last date of filing online ITR5 for J&K state for Assessment year 2007-08 was 31st October and for Assessment year 2008-09, it was 30th November because of some disturbance in the state. But for Assessment year 2009-10 it was 30th September. Since I am not updated with the new last-date of filing ITR5. My ITR's of about 10 partnership firms (audited cases) are yet to be filed.

I want know:

what type of penalties my firms shall face for late filing of returns?
what are the remedies under Income Tax act to save my firms from these penalties?

Thanking all

Replies (3)

CA LOVELY ARORA

C.A. B.Com (H) Graduate

1985 Points Posted on 14 October 2009

i think only interest for late filing would be charged in that case...... no other penlaties but you are not authorised to set-off any losses or carry forward of losses in that A.Y. and also revision of return u/s 139(4) would not be allowed as it would be treated as belated return.

Sunil Liladhar Kotak

Manager (F & A)

1303 Points Posted on 14 October 2009

I agree with the above answer totally

sunil

sajad ali

AMMO

23 Points Posted on 15 October 2009

I am very thankful for the response given by Mr. Arora & Mr. Sunil. I was also of the same opinion but was not sure. I will add that the accounts need to be get audited before due date which need not to be filed anywhere but required to be retained by the firm. The penalty as I heard is 1% per month for the balance tax if not deposited before the due date. In case of TDS case the firm will loose the amount of interest allowed for the refundable amount.