PENALTY ON LATE FILING OF INCOME TAX RETURN AY 2011-12 | SIMPLE TA...

Page 1 of 3

HOME

ITR 11-12

TDS RATES 11-12

TDS RATES 12-13

TDS

TAX RATES FY 11-12

TAX RATES FY 10-11

PAN

TALLY

CHALLAN

SALARY

CAPITAL GAIN

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

Now A days all t ax consult ant ,business m an,specially persons w ho have Earned salary incom e ,are in rush so t hat t hey can file t heir incom e t ax ret urn by due dat e i.e 31st July 2011 .w e are also one of t hem .Due dat e of filing of incom e t ax ret urn for Assessm ent Year 2011- 12 ( financial year 2010- 11) 1. I n case of person w ho are not liable t o get t heir account s audit ed is 31.07.2011 2. I n case of person w ho's account s are liable t o be audit ed under any law is 30.09.2011 and part ner of such firm s and all com panies. I n first case( 31.07.2011) person w ho has earned incom e from salary ,pension, int erest incom e ,capit al gain , house propert y and person ow ning sm all business and not liable t o get t heir account s audit ed are covered. So

nutshell

every body is t rying t o m eet t he deadline ie 31.07.2011 ,I and you are also doing

effort s in t his direct ion ,but do you know w ha t is t h e pen a lt y if som e one ha s not file d h is r e t ur n by du e da t e .................i.e 3 1 st Ju ly 2 0 1 1 . any guesses.......... no guess ,I will t ell you , I n fa ct t he r e is no pe na lt y a s such for t h is fa u lt ,a bsolut e ly no pen a lt y ,do you believe ,I have said t hat t here is no penalt y on lat e filing of ret urn as such.But t his is t he fact .Specific penalt y for lat e filing of ret urn is prescribed u/ s 271F w hich is briefed here under

" i f a per s on f ai l ur e t o f ur ni s h r et ur n of i nc om e as r equi r ed by s ect i on 139 bef or e t he end of r el ev ant as sess m ent y ear , t he ass ess i ng of f i cer m ay im pos e a penal t y of Rs 5000/ - "

so t his sect ion says e nd of r ele va nt a sse ssm e nt ye a r ,as for previous year 2010 - 11, assessm ent year is 2011- 12 and it s end on 31.03.2012 ,m eans t here is no liabilit y for lat e filing of incom e t ax ret urn up t o 31.03.2012 and aft er t hat assessing officer can im pose a penalt y of 5000,and t hat is also his( AO) pow er which he m ay or m ay not exercise aft er giving due hearing t o t he assessee. Now you w ould like t o know w hy people are so m uch w orried about t he due dat e ,t he reason is t hat as due dat e has been linked w it h various ot her sect ion of t he incom e t ax act ,so it is significant in t hat m anner . so I have list ed few im pact s of lat e filing of t he I ncom e t ax ret urn and issues relat ed t o due dat e of incom e t ax .

I m pa ct of la t e filin g of I n com e t a x re t ur n & a m p; issu e r e la t e d t o du e da t e ( Th e List is not e x ha ust ive )

1. I nt e r est u / s 2 3 4 A : I f t here is t ax due aft er deduct ing advance t ax ,TDS and self assessm ent t ax t han int erest w ill be applicable @1% per m ont h and part t hereof up t o t he dat e of filing of t he ret urn besides int erest applicable u/ s 234B or 234C.Means t his int erest is applicable only if t here is any t ax payable in your ret urn .( calculat or online is available here) 2. Loss of I n t e r e st on r e fu nd: You m ay loose int erest on refund u/ s 244A as delay in filing is at t ribut able t o assessee for t he period by w hich you have filed lat e ret urn. 3. Au dit Re por t : Person w ho are liable t o get t heir account s audit ed should get t he audit report on or before t he due dat e of filing ret urn i.e 30.09.2011.Audit repot is only t o YOU be prepared RECOMMENDED FOR and not t o be filed any w here.I n sim ple w ord or boldly w e can say t hat if audit report has w ill be filled when ever you filed your incom e t ax ret urn.This is as incom e t ax circular no 5/ 2007 point no 6 ( read full circular) been signed before 30.09.2011 t hat is enough,you can file ret urn lat e and report part iculars

NEGATIVE LIST OF SERVICE TAX (CONCEPT PAPER) REVISED RELEASED

http://www.simpletaxindia.net/2011/07/penalty-on-late-filing-of-income-tax.html

2/21/2012

PENALTY ON LATE FILING OF INCOME TAX RETURN AY 2011-12 | SIMPLE TA... Page 2 of 3

4. Re vise d r e t ur n : La t e / be la t ed r e t ur n ca n n ot be r ev ise d . 5.

SEARCH TAX INDIA Som e of de duct ion un de r subse ct ion 8 0 a r e n ot a va ila bleSIMPLE for la t e r e t ur n.
Search

6. Due dat e of incom e t ax ret urn is relat ed t o TDS deposit e and disallowance u/ s 40a( ia) . 7. Due dat e of I ncom e Tax ret urn is relat ed t o t ax saving u/ s 54,54B,54F and som e ot her issues in capit al gain saving account deposit schem e. 8. N ot a ble t o ca r r y for w a r d t he losse s un de r va r ious he a ds : y ou are not able t o carry forward follow ing t ype of losses if file ret urn aft er due dat e Speculat ion loss business loss excluding loss due t o unabsorbed depreciat ion and capit al exp on scient ific research short t erm capit al loss long t erm capit al loss loss due t o ow ning and m aint . of horse races How ever t here is no im pa ct on follow ing t ype of losses even if ret urn is furnished aft er t he due dat e loss from house propert y

Follow by Email
Submit

sponsored Links

business loss on account of unabsorbed depreciat ion and capit al expendit on @ scient ific Air ure t icket 2499,3499,4499 for 1 y ear( no research. hidden charges) ( t hough delay can be condoned as per circular 8/ 2001 DT 16.5.2001 on fulfilling ofplans cert ain Child for as less as Rs.46/ - a day condit ion) Com pare Hom Loan so if you are falls under t he am bit of t he above point s t hen you should furnish y our ret urn e up t o Rat es ,Apply online 31.07.2011or 30.09.2011 as t he case m ay be w it hout any penalt y. Pe r son w h o ca n a ffor d t o file la t e r e t ur n I f you hav e Com pare Personal Loan rat es , Apply online

Find us onnot Facebook already deposit ed due t ax or due t axes has been deduct ed by your em ployer and hing is
due or you are not claim ing a Maj or am ount as refund or you have no losses t o be carried forw ard

Simple Tax I ndia

Like

like Simple Tax I ndia . t hen you can fill ret urn up t o t he end of t he assessm ent year ie 31.03.2012 wit2,438 hout people any penalt y.

Pe r son w ho should file r e t ur n on t im e .

I f you hav e balance t ax t o be deposit ed or short fall of t ax or huge am ount of refund due t o you or you have losses t o be carried forw arded as explained above t hen rush t o t he depart m ent asap so t hat ret urn can be filled on t im e. N OTE:Fr ien ds t h e a ll t hin gs a s volunt a r ily la t e r e t ur n but in for m ed de cision . Please Com m ent
Naveen Ragavan Madhumita Raghuvir Prashant Sonu Jinendra Vishal Sanjay Uma

Facebook social plugin

USEFUL POSTS
- 12 FY TDS RATE 12- 13 AY

217

2
Like

10

3
Em ail

233
ShareThis

LABELS: DUE DATE AY 2011 - 1 2,I NCOME TAX RETURN 2011 - 12, SATURDAY 23 JULY 2011

PAN,PAN CARD STATUS ONLI NE HRA exem pt ion Calculat ion m ont hly , yearly basis or period basis?

Ar t icles you m a y lik e :

I TAX RETU RN FI LI N G AFTER D UE D ATE PEN ALTY Now A days all t ax consult ant ,business m an,specially persons w ho have Earned salary incom e ,are in rush so t hat t hey can file t heir incom e t ax ret urn by due dat e i.e 31st July 2009 .w e Assessm ent Year 2009- 10 ( financial year 2008 - 09)

Search

Go

HRA EXEMPTI ON CALCULATI ON - HOUSE RENT PENALTY ON LATE FI LI NG OF ALLOWANCE 10( 13A) FAQ I NCOME TAX RETURN AY 201...

Due dat e of incom e t ax ret urn I NCOME TAX RATES CHART AY 2011 - 12 = 10is relat ed t o TDS deposit e and 11= 09- 10= 08- 09= 07- 08= 06- 07 are also one of t hem .Due dat e of filing of incom e t ax ret urn for disallowance FOR u/ s 40A( RECOMMENDED YOUia) . Due relat ed t o LIST t ax saving u/ s NEGATIVE OF SERVICE TAX ONLI NE (CONCEPT PAPER) REVISED RELEASED dat e of I ncom e Tax ret urn is CHECK YOUR I NCOME TAX REFUND STATUS

http://www.simpletaxindia.net/2011/07/penalty-on-late-filing-of-income-tax.html

2/21/2012

PENALTY ON LATE FILING OF INCOME TAX RETURN AY 2011-12 | SIMPLE TA... Page 3 of 3

DI SALLOWANCE U/ S 40( a) ( ia) TDS DEFAULT ALLOWED I f t ax is deposit ed w it h t he Governm ent aft er t he end of t he current previous year, t he Conce pt s t o e x plor e : Popu la r t ds deposit ed ret urn not filed , Taxat ion, Com m erce, Tax deduct ible

int erest calculat or 234ABC advance t ax challan exc... I f you hav e not paid your t ax pro- rat a bases in advance as shown above y ou have t o pay Taxat ion

I NCOME TAX TAL CALCULATOR BUDGET 2011 FY BUY HOUSE SAVE CAPI 201112 HOUSE GAI N ON SALE OF if t he cost of new house is HRA CALCULATOR ( EXEMPTI ON - HOW TO m ore t han t he capit al gain CALCULATE) arising from old house : cost of

I NCOME TAX RATE CHART SLAB FY 11- 12 AY 12 Com m erce - 13 Tax deduct ible, Capit al Gain, Paym ent s, Receipt Taxable incom e, Financial I NCOME TAX RATES 2011 - 12 EXEMPTI ON Year DEDUCTI ON TAX CALCULATI ON I NCOME TAX READY RECKONER FREE

D h it i

Blog Archive 1 comments:

Anon ym ous Dec 3, 2011 08: 23 AM Need a point er, please! I did file m y t axes & got a 'rej ect ed' e- m ail since t he signat ure w as not valid. I re- did t hat and post ed by speed post . This t im e, it reached t he incom e t ax office a day aft er t he deadline. So t he rej ect ion for t his t im e was- deadline exceeded. What should I be doing at t his point ? Please advise! ! ! ! ! ! Reply

Blog Archive

Com m e nt a s: Google Account

Publish

Preview

Newer Post

Home

Older Post

KNOW YOUR
I NCOME TAX REFUND STATUS KNOW PAN BY NAME & DOB CHECK YOUR EPF BALANCE ESTABLI SHMENT CODE EPF KNOW YOUR TI N PAN STRUCTURE

EMPLOYMENT NEWS INDIA

1600 ALLAHABAD BANK PROBATI ONARY OFFI CERS POSTS FEB 2012 SOUTH I NDI AN BANK PROBATI ONARY CLERKS POSTS FEB 2012 457 BANK OF MAHARASHTRA PROBATI ONARY OFFI CERS FEB 2012 600 BANK OF BARORA PROBATI ONARY OFFI CERS FEB 2012 1100 UCO BANK PROBATI ONARY OFFI CERS POSTS FEB 2012

Labels

80C
80G Jsect ion

80ccc 80CCD 80cce

80CCF 80DDB
89( 1) HRA
10

80GG

80GGA

CALCULATI ONSEC 194 CSEC 194 I sec 194

10( 10AA) SECTI ON

10( 13A) sect ion

195Asect ion

( 38) SECTI ON 10( 5) Sect ion 14 sect ion 16( iii) sect ion

192 sect ion 197 SECTI ON

195 SECTI ON

24( b) sect ion

44AFSect ion

44AB
Msect ion

lim it SECTI ON

50Csect ion 80

54 sect ion

54f sect ion

80CCFsect ion 80D sect ion 80E

RECOMMENDED FOR YOU SIMPLE TAX INDIA 2012 | Designed by Wordpresstoblogger.info NEGATIVE

LIST OF SERVICE TAX (CONCEPT PAPER) REVISED RELEASED

http://www.simpletaxindia.net/2011/07/penalty-on-late-filing-of-income-tax.html

2/21/2012