Can a Tax Audit Return filed now for AY 2009-10

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2010 Sir,
May I know that is there any way out that a TAX AUDIT RETURN can be filed now...

What are the penalties an assessee has to bear.......

Or any best way to get rid of the interest & penalties..............

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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10 March 2010 There is no interest only there is penalty of 1,00,000 or 5% of turnover whichever is less. However you can request of waiver of penalty or you can fight it out if you have a proper documentation with you even you file now delayedly. Always penalty is leviable after hearing you.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 March 2010 5 % mentioned above may be read as 1/2 %.
Section 271B may also be referred for full details.

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Rahul Vora

Rahul Vora (Expert)
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10 March 2010 Reply by CA. B. Srinivasulu and CA. B. Chakrapani are correct. It is Rs.1 Lac or 0.5% of the turnover whichever is less. Just for your info., this has been raised to Rs.1.5 Lac or 0.5% whichever is lower in the recent budget.

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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10 March 2010 penalty is for not to get accounts get audited within time limit prescribed, there is no penalty for late filing of ITR if tax audit report is obtained on or before 30 sept

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 Thank You, sir.............