Shruti Arora (CA Practice ) (81 Points)
29 October 2024Due to clerical oversight, Form 29B (MAT audit report)of a client company (turnover<1 crore) was not filed.
ITR 6 was filed and processed and refund received all within the hour of filing.
Now, can anyone advise whether we should e-file Form 29B now after the fact that 143(1) refund received ?
Any repurcursion of not filing Form 29B now ?
Regards
Shruthi A
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(4778 Points)
Replied 29 October 2024
1. Non-filing of Form 29B is a deficiency in compliance, which may attract scrutiny.
1. File Form 29B as soon as possible, explaining the reason for the delay in a covering letter.
2. Be prepared to respond to any notices or queries from the department.
3. Ensure that the company's financials and records are in order, in case of a scrutiny or audit.
Shruti Arora
(CA Practice )
(81 Points)
Replied 29 October 2024
Thanks Sir for the prompt response.
The company is a small company,
Form 29b can only be e-filed, as no option to file offline available here.
At time of online filing ITR 6, an alert was generated that form 29B not filed even though MAT tax being paid, this may result in non processing of return or non processing of refund. The client pressed back button in his software but somehow the return was submitted....
Can you please let me know late fee / penalty applicable in this case due to late filing 29B ?
I do know that forgetting to file by clerical error is no reason for late filing....
I was just wondering if we don't file this from 29b now, then late fee or penalty would be saved ....
Shruti Arora
(CA Practice )
(81 Points)
Replied 29 October 2024
Please can anyone let me know exact section of IT Act under which late fee / penalty can be levied for late filing MAT audit report after due date ?
And quantum of late fee / penalty, as I can not find it in the Act...
Please help
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(4778 Points)
Replied 29 October 2024
1. Non-filing of Form 29B is a deficiency in compliance, which may attract scrutiny.
1. File Form 29B as soon as possible, explaining the reason for the delay in a covering letter.
2. Be prepared to respond to any notices or queries from the department.
3. Ensure that the company's financials and records are in order, in case of a scrutiny or audit.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
