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TAX Audit not submitted in due time

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(Querist)
26 September 2008 What is the penalty if the Tax audit is not funished to Income tax department in due time
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Anil Kumar Kedia

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Anil Kumar Kedia (Querist)
26 September 2008 What is the last date with penalty and penalty will be what?
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Taxguy

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Taxguy (Expert)
26 September 2008 1/2 of sales turnover or One lakh whihcever is less under section 271B.
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CA. O.P. Agarwalla

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CA. O.P. Agarwalla (Expert)
27 September 2008 Whether the penalty is leviable in current scneario? Whether the saying of CBDT during last year that Audit report is not required to be filed alongwith return or otherwise, will not applicable this year?

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