Audit Pending for 2007-2008

This query is : Resolved

Mohd Sarfaraz Latibani (Querist)
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13 July 2009 Dear Sir,

My Turnover for financial year 2007-2008 is above 1crore as I have not submitted my IT return for 2007-2008 and did not get my accounts audited. I want to know can I submit my IT return for 2007-2008 now with audit report.Is there any penalty for that..

Thanks

Ratan Sharma

Ratan Sharma (Expert)
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13 July 2009 Hi,
1. If you had got your books of accounts audited & obtained audit report before 30/9/2008 then you will have to pay penalty of Rs. 5000/- for late filing of return.
2. If you are auditing your books now and obtained audit report after 30/9/2008 then you will have to pay penalty @ 0.5% of the turnover + Rs. 5000/- for late filing of return.