What if I file return after July 31?

Page no : 3

dasari ramesh (Profession) (68 Points)
Replied 29 July 2009

Originally posted by :Have a nice day. Jai shree ram - SANGAM
"	Originally posted by :Sambha " Can anybody explain the what do you mean by 1. "carry forward of losses is not allowed for belated returns". 2. "you cannot revice your return in future" Can you give example ? " only wen u file return b4 july 31 u can correct d return if any mistake had arisen in it b4. dat means u r eligible to file revised return only wen u hv filed original return b4 july 31	"

if u want to carryforward ur losses u have to file ur return before the due date for submission of returns u/s 139(1). In case of LOSS FROM HOUSE PROPERTY u no need to file loss return. on the basis of this provision u can not carryforward losses to future years

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suchit patel (Job) (28 Points)
Replied 29 July 2009

ya friend It is advisable to file return before due date but if u file after due date then u have to pay interest u/s. 234C

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 29 July 2009

Dear Suchit

Interest u/s 234C will be applicable even if you file return by 31st July. Interest u/s 234A will be levied if there is any tax payable which has not been paid. Also if you have losses in the current year then u will have to file returns on time.

CA VISHWANATH S NAVALGUND (Practising Chartered Accountant) (70 Points)
Replied 29 July 2009

Now more over it is system based n u'll be in trouble. Why to take unnecessary risk of filing late... File within due date...

CA.Shaleen Srivastava (CA , CWA*, Bcom(H)) (2004 Points)
Replied 30 July 2009

only wen u file return b4 july 31

u can correct d return if any mistake had arisen in it b4.

dat means u r eligible to file revised return only wen u hv filed original return b4 july 31

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Baidyanath Agrawal (Advocate) (54 Points)
Replied 30 July 2009

You cannot revise your return if you fail to file the return by 31st July.

CA PRAMOD SARAOGI (Chartered Accountant) (1113 Points)
Replied 30 July 2009

If you dont file a retrun within the prescribed time limit , losses would not be allowed to carry forward and set off with the income arising in the succeeding years.

sandeep (student) (26 Points)
Replied 30 July 2009

Originally posted by :HonestTaxpayer

Hi learned people,
I wanted to know what happens if a salaried guy like me, who doesnt have any tax pending, files return after July 31?
Thanks n regards!

hi..

filing return after 31st july would impose additional financial burden of interest charges..

Ankur Garg (Company Secretary and Compliance Officer) (114783 Points)
Replied 30 July 2009

Hi,

No doubt at all my Friend. In case of NIL Taxable income you can file return even after due date. But remember you have to file it within march 2010.

Best Regards

CA Anshu Agarwal (B€ @LW@¥$ ]-[@Pp¥) (1832 Points)
Replied 30 July 2009

Originally posted by :Aditya Maheshwari
"	If there is no tax payable and no loss to carry forward you can file your return upto 31st March, 2010 without penalty. If you file return after that the ITO may levy a penalty of Rs. 5,000/- is return filed after 31.03.2010 and before 31.03.2011. 31st March, 2011 is the last date for filing return for A. Y. 2009 - 10.	"

the penalty u/s 271F may be levied only if the assessee was required to file his return u/s139 and he has not filed his ROI upto the end of the relevant assessment year.

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SIVARAMAN (Sr Executive Accounts) (116 Points)
Replied 31 July 2009

anybody explain me, during the year 2007-08, i have claimed my house property losses of Rs.140,000/- and its included in my FORM 16. i have deducted a TDS of Rs.120,000/- by my employer, finally my form 16 shown refund of Rs.120/-. I am forgotten to file a retun during last July 31,2008. Can i file it now. If can I calim my house losses as shown in my FORM 16 as it is or i have levied u/s.234A,B,C????.

(Guest)

Dear Sir,

If u have no tax payable or even dont have any refund.

then u can file return any time before the end of assessment year i.e 2009-2010

CA Abhiram Bharat. (Assistant Manager Taxation) (508 Points)
Replied 31 July 2009

dr z prob, only if there arises some tax liability on the part of assessee, if there is no tax liability & no refund due to you, you can file it upto 31st march,2010. in case you thefile return having tax liability or refund due after the due date i.e. 31st july. you are liable to pay interest U/S 234A (interest penalty for delay in furnishing returns)

CCI Member (CA Final Student) (232 Points)
Replied 31 July 2009

When there is no tax payable from ur side & no refund is due in this case u can file return even after due date.

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pradip (Article Assistant) (22 Points)
Replied 31 July 2009

Originally posted by :HonestTaxpayer
"	Hi learned people, I wanted to know what happens if a salaried guy like me, who doesnt have any tax pending, files return after July 31? Thanks n regards!	"