return not filed within due date

[kinjal goyal]

IF AN INDIVIDUAL LIABLE FOR AUDIT UNDER SECTION 44AB DOES NOT FILES RETURNS WITHIN THE PRESCRIBED TIME LIMIT i.e. 30THY SEPTEMBER WHAT CAN BE THE CONSEQUENCES?? HE WILL BE LIABLE FOR PENALTY OR HE CAN FILE RETURN IN SEC 139(4)? PLEASE EXPLAIN IN DETAIL ALON WITH SECTION CLARIFICATION

[CAGOPALJI AGRAWAL]

Since filing of Tax Audit Report is not required in e filing hence penalty u/s 271B can not be levied provided the accounts are get audited before the due date.

AI Summary

Late Tax Filing Under Section 44AB May Avoid Section 271B Penalty if Audited Timely; File Under Section 139(4) An individual subject to audit under Section 44AB who fails to file tax returns by the deadline of September 30 may face consequences. However, if the accounts are audited before the due date, a penalty under Section 271B cannot be imposed, as the filing of the Tax Audit Report is not required in e-filing. The individual can still file the return under Section 139(4).