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Any penalty for late submission of tax return as amendemet

Any penalty for late submission of tax return...

For one of our client, we did submit 2011-12 tax return on May-12. Just now we have discovered a mistake in his return. If we will submit amended tax return in Feb-13, will there be a late filing penalty and any other penalty e.g. 30% due to failure to take reasonable care and interest on unpaid tax. 

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By ACDWebb
08th Feb 2013 14:16

There might be interest

but one would hope that if the amendment is made and tax paid ASAP any penalty for error would be mitigated down to if not zero, very close to same as an unprompted disclosure of a careless error, but no late filing error as the return was delivered on time by the May 12 submission

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By usman
11th Feb 2013 12:58

Thanks for your help.
 

Thanks for your help.

 

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