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Consequences of late filing of Income Tax Return (ITR) - Income Tax - Ready Reckoner - Income TaxExtract CONSEQUENCES OF LATE SUBMISSION If return is submitted after the due date of submission of return of income, the following consequences will be applicable. These rules are applicable even if a belated return is submitted within the time-limit given above- No carry forward of specified loss as per sec 80 . (with Exceptions) No deduction of certain Income under chapter VI-A as per sec 80AC . The assessee will be liable for penal interest u/s 234A i.e. @1% p.m. or part of the month. A penalty of ₹ 5,000 may be imposed u/s 271F if belated return is submitted after the end of assessment year. Interest on refund u/s 244A calculated from the date of filing of ROI and not from 1st April of AY. Fee for default in furnishing ROI [ Section 234F ] Where a person required to furnish ROI u/s 139(1) , within the time prescribed u/s 139(1) shall has to pay, by way of fee, a sum of- ₹5,000, if return is furnished on or before 31st December of AY. ₹10,000 in any other case. However, if total income of person does not exceed ₹5,00,000, the fee payable under this section shall be ₹1,000. Prosecution Wilful failure to furnish return of income may also attract prosecution u/s 276CC .
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