provisions of section 271B
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 January 2010
does the provisions of section 271B attract if we filed return after due date but we got the audit report before due date
01 January 2010
Yes yes yes
01 January 2010
If there is a reasonable cause,which the assessee has to prove, for the delay penalty will not be imposed. Refer section 273B.
01 January 2010
No penalty imposable u/s. 271B if the audit report is obtained before due date.
01 January 2010
Section 271B is reproduced below.
If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred thousand rupees, whichever is less.
As per the section two conditions has to be satisfied simultaneously. 1) Assessee should get audit report before the specified date.2) Assessee should furnish the report before that date.
Here, first condition is satisfied but failed in second condition being belated filing of return. Hence ITO will initiate penalty proceedings under section 271B.
If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred thousand rupees, whichever is less.
As per the section two conditions has to be satisfied simultaneously. 1) Assessee should get audit report before the specified date.2) Assessee should furnish the report before that date.
Here, first condition is satisfied but failed in second condition being belated filing of return. Hence ITO will initiate penalty proceedings under section 271B.
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2010
xxxx
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
