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Partner ship

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136 Points Posted on 27 October 2018
i am a partner in 2 firms whos books are got audited is it compulsory that i should also file ITR within 31st oct 2018
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On 27 October 2018 at 08:39 Report
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Partner at Bhat Momaya & Associates
2319 Points Posted on 27 October 2018
Yes you are also liable to file your income tax returns if your income exceeds maximum amount not chargeable to tax by 31 October 2018.
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On 27 October 2018 at 08:42
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136 Points Posted on 27 October 2018
what if i fail to file the return...
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On 27 October 2018 at 08:45
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Partner at Bhat Momaya & Associates
2319 Points Posted on 27 October 2018
In case you are filing it belatedly, penalty u/s 234F will be levied
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On 27 October 2018 at 08:49
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136 Points Posted on 27 October 2018
Means 5000 to 10000 penalty
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On 27 October 2018 at 08:52
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Partner at Bhat Momaya & Associates
2319 Points Posted on 27 October 2018
Yes. exactly the above penalty
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On 27 October 2018 at 08:53
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136 Points Posted on 27 October 2018
thanks a lot sir
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On 27 October 2018 at 08:59
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Partner at Bhat Momaya & Associates
2319 Points Posted on 27 October 2018
You are most welcome.
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On 27 October 2018 at 09:00
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Accountant
3479 Points Posted on 27 October 2018
If your income upto Rs. 5 Lac, then late fee only Rs. 1000 till 31.03.2019
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On 27 October 2018 at 10:14


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