- In case of person who are not liable to get their accounts audited is 31.07.2010
- In case of person who's accounts are liable to be audited under any law is 30.09.2010 and partner of such firms and all companies.
"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"
Impact of late filing of Income tax return & issue related to due date(The List is not exhaustive)
- Interest u/s 234A: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 .(calculator online is available here)
- Loss of Interest on refund: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.
- Audit Report: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 30.09.2010.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 30.09.2010 that is enough,you can file return late and report particulars will be filled when ever you filed your income tax return.This is as income tax circular no 5/2007 point no 6 (read full circular)
- Revised return :Late /belated return can not be revised .
- 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
- Speculation loss
- business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
- short term capital loss
- long term capital loss
- loss due to owning and maint. of horse races
- loss from house property
- business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
- already deposited due tax or due taxes has been deducted by your employer and nothing is due or
- you are not claiming a Major amount as refund or
- you have no losses to be carried forward
Person who should file return on time.
- balance tax to be deposited or short fall of tax or
- huge amount of refund due to you or
- you have losses to be carried forwarded as explained above
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