Upgrad LLM

delay in filing it return

Publishers

My friend has not filed the IT returns for current year in time. Whether it can be filed now or together with the next year return. What penalties are generally imposed?

 
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Advocate

You have not told what are the sources of income and how much was the income, based on which the right advise can be given.

 
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Publishers

It is a business firm of proprietory nature with a income of approx. 2 L.

 
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Advocate

What is the turnover is it  >than 40.00 lakhs or less than 40.00 lakhs.

 
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Publishers

Turnover is less than 40. However for information pls also inform the implication if T/O is > 40 L.

 
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Advocate

Case 1: Turnover is less than 40: 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. Where the return under sub-section (1) or sub-section (2) or sub-section (4) for an assessment year is furnished after the specified date, or is not furnished, then [whether or not the [Assessing] Officer has extended the date for furnishing the return under sub-section (1) or sub-section (2)], the assessee shall be liable to pay simple interest at 12 per cent per annum, reckoned from the day immediately following the specified date to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source. Further, penalty u/s. 271 F can be levied. 

 
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Advocate

In case where the turnover exceeds 40.00 lacs, the repercursions are severe, in such case it is advisable to approach a CA.

 
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Publishers

Thank you very much sir.

 
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Director

your friend can file his return upto 31-3-2010 without any penalty. He has to pay interest u/s 234A if there is self assessment tax payable.

A belated return can be filed till 31-3-2011. In that case he has to pay penalty u/s 271F of Rs 5000/- .

If the case is liable to be audited u/s 44AB and the same has not been done till the due date, penalty u/s 271B may be payable which is 0.5% of turnover subject to maximum of Rs 1,00,000/-

 
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consultant

If your friend did not file yuur return within due date, you can file a return on or before 31.03.2011.  Penalty should not pay suo moto by asssessee.  If the income tax department  issue a show cause notice for imposing a penalty tu/s 271F, hen question of penalty will be arise.  In that case the assessing officer can not impose penalty without sufficient opportunity of hearing.  Further you can gather some reasonable causes or reasons of non filing of return. 

 
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