Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

FILING INCOME TAX

307 views

Save Share

shiva wadeyar

13 Points Posted on 01 March 2023

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.

Replies (2)

Quick Summary

If your partnership firm, falling under section 44AB, missed filing income tax for the 2022-23 assessment year, you may still be able to file an updated return. This will involve paying an additional tax liability of 25% along with late submission fees. While a penalty for late filing of the Tax Audit Report might be levied by the Assessing Officer, it could be waived if there are genuine, bona fide reasons for the delay.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212441 Points Posted on 01 March 2023

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.

CA Sorav Gupta

Chartered Accountant

1005 Points Posted on 02 March 2023

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)