Defaulting in filing of annual return
hetalsangoi
(Querist) 19 December 2012
This query is : Resolved
Defaulting in filing of Annual return and Balance sheet for the financial year 2007-2008,2009-2010,2010-2011,2011-12 WHAT ARE THE CONSEQUENSES OF THAT? AND CO IS NOT OPERATING NOW? WHAT IS THE SOLUTION TO CLOSE THE COMPANIES? IF CO FILES ALL THE ABOVE FINANCIAL RETUN WHAT ARE THE PENALTY ARE THERE?
Raj Kumar Makkad
(Expert) 19 December 2012
Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.
But, where the assessee has some capital loss or loss from business or profession to be carried forward he should file his return of income within the due date as prescribed u/s 139(1). As per section 139(3), no loss shall be allowed to be carried forward under the head Business or Profession or under the head Capital Gain unless the return is filed within the due date as mentioned in section 139(1).
Where return of income is filed after the due date, interest u/s 234A will be payable. But if there is already tax has been deducted from the income of the assessee or advance tax has been paid by the assessee and there remains no tax to be paid after such T.D.S or advance tax then no interest is levied u/s 234A for filing the return after the due date.
It is to be noted that a penalty of Rs 5000 may be imposed u/s 271F if the return of income is not filed within the end of the relevant assessment year. For example, such penalty is imposable if return for asst. year 2011-12 is not filed by 31st March 2012.
