Consequences of late filing of Income Tax Return (ITR)

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 calculat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X