Form 29B not filed, and return processed

Due to clerical oversight, Form 29B (MAT audit report)of a client company (turnover<1 crore) was not filed. 

ITR 6 was filed and processed and refund received all within the hour of filing.

Now, can anyone advise whether we should e-file Form 29B now after the fact that 143(1) refund received ?

Any repurcursion of not filing Form 29B now ?

Regards 

Shruthi A

Replies (5)
Quick Summary
A company's Form 29B (MAT audit report) was inadvertently not filed, yet their ITR 6 was processed and a refund received quickly. The user is seeking advice on whether to e-file Form 29B now and what potential repercussions or penalties might apply for the late filing, especially since the return has already been processed.

Although the ITR 6 has been processed and a refund received, it's essential to address the oversight and file Form 29B (MAT audit report) as soon as possible.

Here's why: 

1. Non-filing of Form 29B is a deficiency in compliance, which may attract scrutiny. 

2. The company has already received a refund, but the department may reopen the assessment if they notice the non-filing.

 3. Filing Form 29B now will help avoid any potential repercussions or penalties. To minimize potential repercussions:

1. File Form 29B as soon as possible, explaining the reason for the delay in a covering letter. 

2. Be prepared to respond to any notices or queries from the department. 

3. Ensure that the company's financials and records are in order, in case of a scrutiny or audit. 

 Remember, it's always better to address the oversight promptly and transparently to avoid any complications.

Thanks Sir for the prompt response.

The company is a small company, 

Form 29b can only be e-filed, as no option to file offline available here.

At time of online filing ITR 6, an alert was generated that form 29B not filed even though MAT tax being paid, this may result in non processing of return or non processing of refund. The client pressed back button in his software but somehow the return was submitted....

Can you please let me know late fee / penalty applicable in this case due to late filing 29B ? 

I do know that forgetting to file by clerical error is no reason for late filing.... 

I was just wondering if we don't file this from 29b now, then late fee or penalty would be saved ....

 

Please can anyone let me know exact section of IT Act under which late fee / penalty can be levied for late filing MAT audit report after due date ? 

And quantum of late fee / penalty, as I can not find it in the Act...

Please help 

Although the ITR 6 has been processed and a refund received, it's essential to address the oversight and file Form 29B (MAT audit report) as soon as possible.

Here's why: 

1. Non-filing of Form 29B is a deficiency in compliance, which may attract scrutiny. 

2. The company has already received a refund, but the department may reopen the assessment if they notice the non-filing.

 3. Filing Form 29B now will help avoid any potential repercussions or penalties. To minimize potential repercussions:

1. File Form 29B as soon as possible, explaining the reason for the delay in a covering letter. 

2. Be prepared to respond to any notices or queries from the department. 

3. Ensure that the company's financials and records are in order, in case of a scrutiny or audit. 

 Remember, it's always better to address the oversight promptly and transparently to avoid any complications.

Pls let me know about Form 29B late filing fee / penalty....

Wheter after filing ITR should one file 29B, as its values used as inputs in ITR ?

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