DEAR SIR ASSESSE IS A PARTNER OF AUDITED FIRM. NOW HIS INCOME WITH PARTNERSHIP AND OTHER INCOME ₹504000. NOW HE FILES RETURN. WILL THE RETURN IS LIABLE TO PAY PANELTY FOR LATE FILING BEFORE 15/03/22 ? PLEASE GUIDE
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Quick Summary
This discussion clarifies the penalty for late filing of tax returns, specifically when an individual's income, including partnership income, exceeds ₹5 lakhs. It addresses whether a penalty under section 234F applies if the return is filed after the 15th of March 2022, and the implications of filing late when tax liability exceeds ₹5000.