Question

During filing income tax return if the partnership firm gets losses what would be the pentaly for late filing of income tax return fy 17-18

Answer 1

According to the modified rules notified below the section of 234F of Income tax Act that came into big effect from the date 1st April 2017, filing the ITR post a deadline of 31st August, 2018, can surely make you accountable for playing the penalty of  up to Rs 10,000.  

The penalty will be charged based on the amount that you need to pay.