Can we filed now my Firm ITR FOR ASSTT. YEAR 2012-13 WHOSE TURNOVER WAS 2 CRORE IN THE FINANCIAL YEAR 2011-12 MEANS AUDIT CASE. WILL BE ANY PENALTY ARISE REGARDING THE SAME OR NOT? BECASE I WAS NOT FILED MY PARTNERSHIP FIRM ITR ON BEFORE 30.09.12.
12 January 2013
Returns can be filed now. Penalty can be initiated u/s 271B. If 'reasonable cause' for delay is proved, penalty proceedings will be dropped.