A private limited company incorporated in 2019 has not filed its return for A.Y. 2020-21 till date. What are the consequences and how can we file its return for A. Y. 2020-21.
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Quick Summary
A private limited company incorporated in 2019 has not yet filed its Income Tax return for AY 2020-21. The return can still be filed under condonation of delay using Section 119(2)(b) of the Income Tax Act. This involves logging into the e-filing website, uploading the return, selecting the option for filing under Section 119(2)(b), and choosing 'filing after due date' from the dropdown menu.
There is a procedure. 1. log into e filing website. 2. upload your return. while uploading return please file return under sec 119(2) (b) 3. also select filing after due date from the drop down menu.