Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 04 July 2024
Yes, under sec. 139(8A) IT act...
mahesh17
(Account-Finance Officer)
(162 Points)
Replied 04 July 2024
Sir,
any penalty and late fee applicable or not ? how much?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 04 July 2024
25% & 50% of the tax liability for FY 2022-23 & FY 2021-22 respectively.
mahesh17
(Account-Finance Officer)
(162 Points)
Replied 04 July 2024
IF the liability is under taxable limit what is applicable penalty or late fee?
mahesh17
(Account-Finance Officer)
(162 Points)
Replied 04 July 2024
IF the liability is under taxable limit what is applicable penalty or late fee?
under section 139(8A) only filled return updated but fresh return can be file or not?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 04 July 2024
No fresh/original returns can be filed now, except if there is any refund due (u/s. 119(2B) IT act.
Updated return can be filed only if there is any tax liability.
If tax liability is say Rs. 200 then penalty will be Rs. 50 for 2022-23 & Rs. 100 for FY 2021-22.
CAclubindia
