Our Partnership Firm comes under 44AB where we did not filed the INCOME TAX for 22-23 can we file the returns now?? If we file now we will attract penalty or not??
Please clarify the issue.
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FILING INCOME TAX
Replies (2)
No, you cannot file ITR in normal circumstances, but updated return can be filed with 25% additional tax liability (for AY 2022-23) and penalty of late submission of TAR.
An updated return needs to be filed along with late fees and additional tax.
Further, the penalty for late filing of the Tax Audit report can be levied by AO. However, if the delay is due to some bona fide reasons, then the penalty proceedings will be dropped by AO.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)
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