Tax Audit-Consequences of Late filling of ROI

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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.30th September 2013.
If Assessee does not file the ITR on or before 30th 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 30th September 2013 without any delay otherwise ready to face consequence.

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