Belated E-return - without penalty

[DEBABRATA ROY]

Whether E-return can be belated for a corporate till 31st March 2009 without any penalty even if  44AB audit is there and the same was obtained before 30/09/08.

AI Summary

Filing a Late E-Return: Avoiding Penalties Under Sections 271F and 271B for Assessment Year 2008-09 A user inquired whether a corporate entity could file a belated e-return for the assessment year 2008-09 by March 31, 2009, without incurring penalties, even if a 44AB audit was completed before September 30, 2008. The response clarified that if the return is filed before March 31, 2009, the penalty under section 271F would not apply. However, to avoid penalty under section 271B, the tax audit report must be submitted by September 30, 2008, unless an extension is announced in certain regions. If not submitted, a petition for condonation of delay with a reasonable cause should be filed.