Updated return for AY 2021-22
This query is : Resolved
21 June 2024
Hello Members,
The client had filed the return as per timelines for AY 21-22. The Return was directly filed by Client at that time via using some online website services. Apparently, Income from Salary was missed while filing the ITR, subsequently the entire amount of TDS deducted on Salary was also refunded by the department.
Now there has been a notice issued with respect of mismatch between the AI and the ITR filed. Post this notice client realized the above error. Need suggestion:
1. Since time limit for filing the updated return for AY 21-22 has already passed, is there any way we can file the updated return?
2. What will be the maximum penalty that will be applicable in this case?
3. Since client had accidentally missed out on this, any other recourse available to get this corrected with minimal penalty applicablity.
Regards
The client had filed the return as per timelines for AY 21-22. The Return was directly filed by Client at that time via using some online website services. Apparently, Income from Salary was missed while filing the ITR, subsequently the entire amount of TDS deducted on Salary was also refunded by the department.
Now there has been a notice issued with respect of mismatch between the AI and the ITR filed. Post this notice client realized the above error. Need suggestion:
1. Since time limit for filing the updated return for AY 21-22 has already passed, is there any way we can file the updated return?
2. What will be the maximum penalty that will be applicable in this case?
3. Since client had accidentally missed out on this, any other recourse available to get this corrected with minimal penalty applicablity.
Regards
21 June 2024
1 No way.
2 As per Section 271(C) of the Income Tax Act of 1961, in case of hiding or understating your income, the penalty can be anywhere between 100% to 300% of the amount of tax that was due but not paid.
3 Request for minimal penalty.
2 As per Section 271(C) of the Income Tax Act of 1961, in case of hiding or understating your income, the penalty can be anywhere between 100% to 300% of the amount of tax that was due but not paid.
3 Request for minimal penalty.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
