Filing ITR of a Company for previous years after Due Date

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  1. Shital

    Shital Member

    Dear Sir,

    The Company is inoperative (no activity), since incorporation and we need your help in following matter :

    1. Should we file Income Tax Return (ITR) of Company, since it was pending from 2005 ?

    2. Is it good to file all ITR since inception ?

    3. What would be the penalty, etc. ?

    Kindly suggest the way out, if possible.

    Many many thanks,
    Shital
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    The Income Tax Act allows for filing of belated return after the normal due date of filing of return.

    However, the belated return of income tax cannot be filed for all the previous years. A Belated Return can be filed at any time before the expiry of 1 year from the end of the relevant assessment year. Kindly refer: http://www.charteredclub.com/belated-income-tax-return-due-date/

    In your case, you can file a belated return for financial year 12-13 and 13-14.

    Return for years before 12-13 cannot be filed.
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    For late payment of income tax, you would be required to pay interest @1% per month.

    For late filing of income tax return, the income tax officer may levy a penalty of Rs. 5000 for each belated return. However, this penalty amount is not required to be paid at the time of filing of the income tax return and is only required to be paid in case you receive a notice of the same after your return has been processed.

    Kindly refer: http://www.charteredclub.com/late-filing-of-income-tax-return/
     
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