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subhagan sreerangam

7059 Points Posted on 01 October 2022

Is it possible to audit the books of accounts for the financial year 2021-2022 of a business having a turnover of Rs.19652456 crores and file income tax return after 31-12-2022? Will interest and late fees be charged? If the late fee is paid, the return can be filed on the last date

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Quick Summary

This discussion clarifies whether it's possible to audit and file income tax returns for FY 2021-2022 after the 31st December 2022 deadline. Generally, filing after this date is not permitted, and late filing incurs interest and a £5,000 late fee if submitted before 31st December but after the original due date. Failure to obtain a tax audit when required can lead to a defective return and penalties. However, filing may be possible if a notice is received from the tax department.

Kev Men

790 Points Posted on 01 October 2022

It is not possible to file ITR after 31.12.2022 for FY 2021-22. The last date is 31.12.2022. If filed before 31.12.2022 but after due date late fee of Rs. 5000 and interest as applicable will be charged.

Non-furnishing of audit report when applicable may lead to return if filed being considered defective under section 139(9). Penalty u/s 271B will be applicable for audit is not done when applicable.

If however a notice is received from the income tax department, ITR can be filed in response to the same even after 31.12.2022.

Ideally, it is advisable to get the tax audit done, then file ITR before 31.12.2022.