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Forgot to disclose income from sale of property.

This query is : Resolved 
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(Querist)
25 July 2023 I sold a property in the year June 2021. I forgot to show income from the sale of this property. Can I show it now? will there be any penalty? If there is a penalty how much it would be? any remedy to waive of penalty?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
25 July 2023 You can file updated return for AY 2022-23. Penalty will be 25% over the actual tax liability.
No other option, better to file the updated return.
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prisha tripathi

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prisha tripathi (Querist)
25 July 2023 till when can I file the updated return with 25% penalty?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
25 July 2023 Till March 2024 with 25% penalty. There after till March 2025 with 50% penalty.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 September 2024 Good luck.
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