dear sir
one my client not furnished audit report and income tax return for the assessment year 2018 2019
what is the solution this problem
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late filling tax audit report
Replies (7)
You can upload the Tax Audit report and pay penalty for delay in filing of TAR.
For delay in filing of Return you can apply you can apply for condonation of delay.
how much penalty sir
I think penalty will be 1.5 lakhs
You cannot file ITR for AY 2018-19 now the time has already elapsed. There is no option for condonation of delay for filing return. Simply wait for the notice to be issued u/s 142(1) or 148. Then only you will be able to file the ITR.
Kindly refer this https://economictimes.indiatimes.com/wealth/tax/missed-the-march-31-deadline-to-file-income-tax-return-heres-what-you-can-do/articleshow/63625203.cms
In case of delay or non-compliance of section 44AB, a taxpayer shall be liable to pay a penalty @ 0.5% of turnover or gross receipt which may extend to Rs. 1.5 lakh [section 271B].
It is applicable only for claiming refund and carry forward of losses which also has a monetary limit as prescribed in the specific circular. It is not open for all assessee. also you need to establish a bonafide delay for the same.
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