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PENALTY ON LATE FILING OF INCOME TAX RETURN AY 2011-12

Now A days all tax consultant ,business man,specially persons who have Earned salary

income ,are in rush so that they can file their income tax return by due date i.e 31st July 2011 .we

are also one of them.Due date of filing of income tax return for Assessment Year 2011- 12 (financial

year 2010-11)

1. In case of person who are not l iable to get their accounts audited is 31.07.2011

2. In case of person who's accounts are liable to be audited under any law is 30.09.2011 and

partner of such firms and all companies.

In first case(31.07.2011) person who has earned income from salary ,pension, interest

income ,capital gain , house property and person owning small business and not liable to get their

accounts audited are covered.

So nutshell every body is trying to meet th e deadline ie 31.07.2011 ,I and you are also doing

efforts in this direction ,but do you know

what is the penalty if some one has not fi led his return by due date.. . . . . . . . .. . . . . . . i.e 31 st

July 2011 .

any guesses..........

no guess ,I will tell you , I n fact there is no penalty as such for this fault ,absolutely no

penalty ,do you believe ,I have said that there is no penalty on late filing of return as such.But this

is the fact .Specific penalty for late filing of return is prescribed u/s 271F which is briefed here

under

" i f a p er s on f a i l u r e t o f u r n i s h r e t ur n of i n co me as r e qu i r ed by s ec t i o n

139 bef ore t he end of r e l evant assessment year , t he assess i ng of f i cer may

i mpose a penal t y o f Rs 5000/ - "

so this section says end of relevant assessment ye ar ,as for previous year 2010-11, assessment

year is 2011-12 and its end on 31.03.2012 ,means there is no liability for late filing of income tax

return up to 31.03.2012 and after that assessing officer can impose a penalty of 5000,and that is

also his(AO) power which he may or m ay not exercise after giving due hearing to the assessee.

Now you would like to know why people are so much worried about the due date ,the reason is that

as due date has been linked with various other section of the income tax act ,so it is significant in

that manner .

so I have listed few impacts of late filing of the Income tax ret urn and issues related to due date of

income tax.

I mpact of late f i l ing of I ncome tax ret urn & issue related to

due date( The List is not exhaustive)

1. I n terest u / s 234A :I f there is tax due after deducting advance tax ,TDS and self

assessment tax than interest will be applicable @1% per m onth and part th ereof 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 r eturn .( calculator online is available here)

2. Loss of I nterest on refund:You may loose interest on refund u/s 244A as delay in filing is

attribut able to assessee for the period by which you have filed late return.

3. 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 30.09.2011 .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 30.09.201 1 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)

NEGATIVE LIST OF SERVICE TAX

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LABELS: DUE DATE AY 201 1- 12, INCOME TAX RETURN 2011- 12,

SATURDAY 23 JULY 2011

4. Revised return : Late / belated return can not be revised .

5. Some of deduction under subsection 80 are not available for

late return.

6. Due date of income tax return is related to TDS deposite and disallowance u/s 40a(ia).

7. 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.

8. Not able to carry forwa rd the losses under various heads:you are not able to carry

forward following type of losses if file return after due date

Speculation lossbusiness 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 m aint. of hor se races

However there is no impact on following type of losses even if return is furnished after the due

date

loss from house property

business loss on account of unabsorbed depreciation and capital expenditure on scientific

research.

(though delay can be condoned as per circular 8/ 2001 DT 16.5.2001 on fulfilling of certain

condition)

so if you are falls under the ambit of the above points then you should furnish your return up to

31.07.2011or 30.09.2011 as the case may be without any penalty.

Person who can afford to f i le late return

I f you have

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

then you can fill return up to the end of the assessment year ie 31.03.2012 without any penalty.

Person w ho should fi le return on time.

If you have

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 forw arded as explained above

then rush to the department asap so that return can be filled on time.

NOTE:Friends the a ll things as

voluntarily late return but

informed decision.

Please Commen t

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I TAX RETURN FILI NG AFTER DUE DATE PENALTY

Now A days all tax consultant ,business man,specially persons

who have Earned salary income ,are in rush so that they can

file their income tax retur n by due date i.e 31st July 2009 .we

are also one of them.Due dat e of filing of income tax return for

Assessm ent Year 20 09 -1 0 (f inanc ial year 20 08 -09 )

PENALTY ON LATE FILI NG OF

INCOME TAX RETURN AY 201. ..

Due date of income tax return

is related to TDS deposite and

disallowance u/s 40 A(ia). Due

date of Income Tax return is

related to tax saving u/s

Submit

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Anonymous Dec 3, 2011 08:23 AM

Need a pointer, please!

I did file my taxes & got a 'rejected' e-mail since the signature was not valid. I re-did

that and posted by speed post. This time, it reached the income tax office a day after the

deadline. So the rejection for this time was- deadline exceeded. What should I be doing

at t his point? Please advise!!!!!!

Reply

80ccc 80CCD 80cce

80G 80GGA

194 CSEC 194sec

J 10(10AA)section 10(13A)SECTION 10section

(38) 10(5)SECTION 14Sect ion 16(iii)section section

192 195sect ion 195ASECTI ON section

197 24(b)SECTION

44AFSECTION 50CSection

54fsect ion 80 Msection



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