Comment on Taxation Simplified

Nithin Kamath commented on 24 Feb 2014, 12:27 PM

Hemal,

If a return is submitted after the due date, the following consequences could be applicable:

1. The assessee will be liable for penal interest under section 234A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses cannot be carried forward.
4. If the return is submitted belated, deductions allowable under certain sections will not be available.

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