Please Help: income tax
Posted Date : 28-May-2011 , 03:09:30 am | Posted By devender mehta
Sir, if a private limited co. files (1) a nil return (2) a loss return, for the A/y 2010-11 after 31-03-2011, whether it attracts any penal consequences in any of the two cases.
Category : Income Tax | Answers : 3 | Comments : 5 | Hits : 845
Answers
Answer By: CA VIKAS JAIN
in case of company assessee, belated return attract penalty
Answer By: Vikash Kumar Jha
according to sec 139(1) a company is required to file his return of income before the due date, even if company has a loss during the year. so in case of belated return penalty u/s 271F shall be levied.
Answer By: Vaneet Gupta
Penalty u/s 271f
Comments
Amrit Raj
28-May-2011 , 04:25:23 amYes, Section 271 F provides for penalty of Rs 5000 in this case.
CA VIKAS JAIN
28-May-2011 , 01:21:18 pmaccording to sec 139(1) a company is required to file his return of income before the due date, even if company has a loss during the year. so in case of belated return penalty u/s 271F shall be levied. what is NIL return pls explain it bcos return is either income return or loss return
CA M K Dublish
29-May-2011 , 09:04:25 amIn terms of Section 139(1), Every company is reuqired to file its return, irrespective of the facts, whether it is loss or NIL. In terms 271-F, a penalty of Rs.5,000/- may be imposed by the Assessing Officer. In case of loss, compaany would not be entitled to set off of its loss in subsequent years if there is dealy in filing its income from the due date, i.e., 30-09-2010
jagmohan rawat
31-May-2011 , 12:51:34 amThe AO may levy penalty of Rs.5000 u/s 271F and business loss would not be allowed to be carried forward due to late filing of return as per section 139(3)read with section 80.
casanjayjuneja
02-Jun-2011 , 03:43:38 amwhether each traders having gross turnover over rs.20.00 lacs is required to get its accounts audited if he did not wana to file its return on presumptive basis under section 44AD i.e. @8%