Belated E-return - without penalty , Income Tax

[DEBABRATA ROY]

Whether E-return can be belated for a corporate till 31st March 2009 without any penalty even if  44AB audit is there and the same was obtained before 30/09/08.

Posts / Replies

[D.K.Kothari]

For A.Y. 2008-09 if return is filed before 31.03.09 penalty u/s 271F will not be leviable. To avoid penalty u/s 271B the Tax audit report u/s 44AB should be submmitted before end on 30.09.08 (except in areas where extension has been announced- Bihar, Orissa J & K). merely obtaining TAR is not sufficient. In case TAR is not yet submitted, submit the same with condonation of delay petition explaining resonable cause for the delay of few days.