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Tax audit report filed but by mistake itr is not file

nisha (CA) (46 Points)

18 November 2013

Hi,

The assessee has been covered u/s 44AB. The 3CB and 3CD had been filed within due date. but by mistake ITR is not filed within time. Experts please guid what to do.

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3 Replies

CA Kedar Sakhardande (Proprietor) (942 Points)
Replied 18 November 2013

Now you file the return wherein interest under section 234A will be applicable (if tax is payable)

Further the penalty for late filing that is Rs. 5000 is applicable

Regards

amitesh (service) (44 Points)
Replied 18 November 2013

Person who are liable to get their accounts audited should get the audit report on or before the due date of filing return i.e 30.09.2013.Audit repot is only to be prepared and not to be filed any where.In simple word or boldly we can say that if audit report has been signed before 30.09.2013 that is enough,you can file return late and report particulars will be filled when ever you filed your ITR.This is as income tax circular no 5/2007 point no 6 (read full circular.No penalty on late filing of return.

You may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.

Late /belated return can not be revised .This is major draw back .if you failed to file return in time then you can revise your income tax return. Though you may apply revision u/s154 which is lenghty process

Some of deduction under subsection 80 are not available for late return.
Due date of income tax return is related to TDS deposite and disallowance u/s 40a(ia).
Due date of Income Tax return is related to tax saving u/s 54,54B,54F and some other issues in capital gain saving account deposit scheme.
Not able to carry forward the losses under various heads:you are not able to carry forward following type of losses if file return after due date

if there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @ 1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.Means this interest is applicable only if there is any tax payable in your return.