Form 29B Submission after filing of income tax return

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Filing Form 29B after your Income Tax Return (ITR) may incur a penalty under Section 271B of the Income Tax Act, amounting to Rs. 1,50,000 or 0.5% of total sales, whichever is less. If you file Form 29B before September 30th but after your ITR, it is recommended to revise your ITR to incorporate the data from Form 29B.

Jerin Joseph

Jerin Joseph (Querist)

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)

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)

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)

22 September 2023 Yes, revise the ITR after filling form.
Data might have been taken from the form for ITR.

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