08 September 2014

Consequences of late filling of return

Assessee file return any time even up to march 2015 in case of audit also. Only following consequence.

1. He may have to pay Interest U/s. 234A of the Income Tax Act, 1961 on taxes outstanding.
2. Losses if any may not be allowed to be carried forward under the provisions of section 80 Read with section 139(3) of the Income tax Act, 1961.
3. To claim deduction of statutory expenses falling under section 43B,       Assessee have to pay these Statutory on or  before the filing of ITR or Due Date of return filing (Due Date of ROI is 30.09.2014) whichever is earlier.
4. Some of the deduction i.e. Under Section 10A, which requires Assessee to file his return on or before the due date specified under sub section (1) of section 139 may not be allowed to Assessee.
5. If Assessee not able to file his Return on or before 30.09.2014 he may not be able to revise his Return of Income.

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