Late filing of ITR5

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.

I agree with the above answer totally

sunil

 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.