Tax Audit-Consequences of Late filling of ROI

CBDT has vide its order dated 26.09.2013 has extended the due date for e-filing of Tax Audit Report to 31.10.2013. The order has nowhere mentioned about the due date for e-filing of Income tax Return. It seems due date for filing of ITR are been kept same i.e.30^th September 2013.

If Assessee does not file the ITR on or before 30^th September 2013 he may have the following implications:-

1.      Levy of Penal Interest U/s. 234A on outstanding taxes.

2.      Losses if any may not be allowed to be carried forward.

3.      Assessee also has to Pay Statutory dues U/s. 43B on or before the filing of ITR or Due Date i.e. 30.09.2013 whichever is earlier.

4.      Assessee may be penalizing @0.5% of GT or Maximum of Rs.1, 50,000/- assuming he fails to get accounts audited.

The above discussion indicated that any how we have to file ITR on or before 30^th September 2013 without any delay otherwise ready to face consequence.