what will be the impact on assessee if return which covered u/s 10(23c)(iiiad) could not be filed for asst year 2018-19? Please suggest
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Quick Summary
If an ITR 7, specifically for income covered under Section 10(23C)(iiiad), was not filed for the assessment year 2018-19, the assessee may lose their tax exemption for that year, making the income fully taxable. While filing a belated return is possible, it will likely incur penalties. It is advisable to contact the Assessing Officer (AO) and file the return as soon as possible to mitigate further issues.