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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
Replies (8)
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.
what if i fail to file the return...
In case you are filing it belatedly, penalty u/s 234F will be levied
Means 5000 to 10000 penalty
Yes. exactly the above penalty
thanks a lot sir
You are most welcome.
If your income upto Rs. 5 Lac, then late fee only Rs. 1000 till 31.03.2019
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