IT return filing

Can I do the IT return filing for the accessment year 2010-2011 next year. If so pl. tell me what would be the penalty % or late charges.

Ans. Any person who has not filed the return within the time allowed may be file a belated return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, which ever is earlier.

IMPACT OF LATE FILING

1. Interest: You will be liable for penal Interest u/s 234A, B & C @ 1.5% per month on the amount of tax due from the due date of filing returns.
2. Carry Forward of Losses: Losses like Business Loss (speculative or otherwise), Capital Loss (short term or long term), and Loss from owning and maintaining race horses are not allowed to be carried forward. Other losses, if any can be carried forward.
3. Deductions: Deductions u/s 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC are not allowed
4. Revision: Late returns cannot be revised except if it is in pursuance of a notice under section 142(1)
5. Penalty: A penalty of Rs.5000 may be imposed u/s 271F if belated return is submitted after the end of assessment year.

Further, if the assessee is a tax audit case then section 271-B provides for consequence of non-compliance of section 44-AB.

I agree with Mr Vishal

Thanks a lot for your advice. Mine is a tax audit case. I will try to pay the tax maximum by 31st March 2011.

In case return is filed with digital signature, user may take a printout of the Acknowledgment for his record. The tax-payer is not required to submit the Form ITR-V with the Income-tax Department.

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