Sec 12A registration expired in FY 22-23 and is not renewed by mistake. But audit report under sec 10B is submitted for FY 23-24 and FY 24-25. Return also submitted claiming exemption. Now applied for renew of registration. Is it advisable to submit the return for current AY as AOP . Also whether any audit is applicable . The AOP is having loss during current AY.
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12A registration expired in FY 22-23 and is not renewed by mistake .
Replies (1)
For the current Assessment Year, it is advisable to file the tax return as a regular Association of Persons (AOP) without claiming Section 11/12 exemptions, provided no condonation has been granted yet. Form 10B audit is not applicable, and no tax liability will arise as the AOP is in a loss position. To protect past exemption claims and avoid Section 115TD tax on accreted income, immediately file a condonation petition under Section 119(2)(b) with the Pr. CIT for delayed renewal.
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