Hello everyone,
Client want to file the updated return now and pay the tax later once the demand raises. Can we do that. He is getting tax around 2 lakhs.
Please help.
4 Replies
Sarthak Kumar Dash
(Student)
(232 Points)
Replied 24 December 2022
I think he can pay the tax later but then you have to bear additional burden of interest.
sabyasachi mukherjee
(27579 Points)
Replied 25 December 2022
Pls be explicit and mention other details.
mayuri
(Tax Consultant)
(249 Points)
Replied 25 December 2022
He got notice from the department as there is high value transaction in fy 19-20, and the department mentioned to update return and pay tax. After calculating he got 2 lakhs of tax amount he is ready to pay but asking some time. The last date to file reply is today. So i have raised the above query. Is there any option sir to file now and pay tax later for updated returns.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 26 December 2022
File updated return with dummy challan details like BSR Code , challan number, you can mention todays date and you know the amount.
You can pay later with additional interest as said by above member
You can pay later with additional interest as said by above member
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