Form 29B Submission after filing of income tax return

This query is : Resolved

Jerin Joseph (Querist)
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21 September 2023 Will there be any penalty if form 29B is filed after filing of Income tax return

and what should be done to resolve the situation ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 September 2023 If a taxpayer fails to file Form 29B within the due date, they may be subject to a penalty. According to section 271B of the Income Tax Act, the penalty for late filing of Form 29B is Rs. 1,50,000 or 0.5% of the total sales, turnover or gross receipts of the business, whichever is lower.

Jerin Joseph

Jerin Joseph (Querist)
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22 September 2023 but what if 29b is filed before 30th september, but after filing of ITR

Should I revise the return after filing 29 B

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 September 2023 Yes, revise the ITR after filling form.
Data might have been taken from the form for ITR.

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Form 29B Submission after filing of income tax return

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