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return filing

Others 246 views 1 replies
I want to file return of A.Y 13-14
for which I have received notice U/S 142(1) on Nov. 2014.. can I file such return now.. or is there any time limit. pls advice.. TIA
Replies (1)
Usually time limit is mentioned in notice 142(1) for filling of return and you have to file return within period specified in notice. You cannot file such return after such period without AO permission.
As you have not filed ITR in response of notice u/s 142(1), it would be better not to file it now.Otherwise following consequences may have to face.

Best Judgement Assessment u/s 144, or

Penalised under Sec 271(1)(b) i.e. Rs10,000 for each failure, or

Prosecution under Sec 276D which may extend upto 1 year with or without fine.


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