Forgot to disclose income from sale of property.
This query is : Resolved
25 July 2023
I sold a property in the year June 2021. I forgot to show income from the sale of this property. Can I show it now? will there be any penalty? If there is a penalty how much it would be? any remedy to waive of penalty?
25 July 2023
You can file updated return for AY 2022-23. Penalty will be 25% over the actual tax liability.
No other option, better to file the updated return.
No other option, better to file the updated return.
25 July 2023
till when can I file the updated return with 25% penalty?
25 July 2023
Till March 2024 with 25% penalty. There after till March 2025 with 50% penalty.
13 September 2024
Good luck.
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