Panalty in case of late filling income tax return by co.

Dear Frnds,

The tounover of the compnay is more then 60 Lakhs and has been completed its tax Audit.

Please suggest me the panalty with reference of section in case company nither file income tax return on of before the due date not deposite tax on return income. ( i.e. Panalty in case of late filling of income tax return where tax audit has been done.)

Replies (4)

if audit report has been signed before 30.9.2011 that is enough, you can file return late

if audit report has been signed before 30.9.2011 that is enough, you can file return late

Try to file before 30th September 2011 even if the return is not accurate. You can always revise it later. But if you file belated return, you cannot revise it. Not to mention, the carry foward loss of the previous year will not be available.

ROI is to be filed on or before sep 30......

if it is not filed....a belated return can be filed at any time before the end of 1 year from the end of relevent assessment year or before the completion of assessment which ever is earlier....

return filed after completion of assessment is not valid...[as per sec 139(4) ].....

:)

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