Menu
Please Give the detailed explanation
If the audited income tax return to be submitted for the financial year 2022-2023 cannot be filed before 31-10-2023, an explanation should be given as to the methods for filing it later
Replies (3)
Quick Summary
Penalty of non-filing or delay in filing tax audit report
If any taxpayer is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty: 0.5% of the total sales, turnover or gross receipts. Rs 1,50,000
If any taxpayer is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty: 0.5% of the total sales, turnover or gross receipts. Rs 1,50,000
Please give details of filing it later on.
Missed the audited ITR due date:
• For FY 2022-23 audited returns, the due date was 31 October 2023. If not filed by then, a belated return (Sec 139(4)) could be filed by 31 December 2023, with a 234F late fee (Rs 5,000), and 234A interest. Losses (except unabsorbed depreciation and house property loss) can't be carried forward from a belated return.
• The audit report must also be filed (late filing attracts Sec 271B penalty: 0.5% of turnover, max Rs 1.5 lakh, unless reasonable cause).
• After 31 December 2023, only ITR-U (if tax is payable).
Recent Topics :
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
- Register on Income Tax as CA
- Deduction In Employee Provident Fund
- This is a gift for all Chartered Accountants and P
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
Related Topics :
CAclubindia
