Tax audit

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ajay (Querist)
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01 December 2011 hi, if my turnover is less than 60 laks but i want to show my profit less than 8% ....do i have to gett my tax audit done and if the answer if yes than is the due date 30 september of the assessment year????

also if i does not get the tax audit done within time than how much penalty and interest could be levied on me?????

please guideme.....

Aijaz Shaikh

Aijaz Shaikh (Expert)
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01 December 2011 Yes, due date is 30th September.

Penalty:-0.5% of turnover restricted to Rs. 1,50,000

[Failure to get accounts audited.

271B. If any person fails 42[***] to get his accounts audited in respect of any previous year or years relevant to an assessment year or 43[furnish a report of such audit as required under section 44AB], the 44[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 45[one hundred fifty thousand rupees], whichever is less.]

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