The assessee has just to obtain the TAX audit report. The return can be filed even after 30/09/2012. Penalty of 0.5% of turnover will not be applied if the assessee obtains the TAX Audit Report
03 October 2012
Dear CA Prikshit, please note that Section 271B provides that where an assessee fails to furnish a report as required u/s 44AB, penalty shall be levied.
Section 44AB provides that the report is to be furnished by the due date of filing the return.
Section 271B read with Section 44AB makes it clear that penalty shall be levied if the audit report is not furnished by the due date of filing the return, i.e., 30th September.
Penalty will be 0.5% of turnover/gross receipts or Rs. 1,50,000 whichever is less.
Further, the assessee is NOT allowed to carry forward the business loss.
15 September 2013
Dear Siddhartha, As per the circulars issued by ITD, TAR was only to be obtained and not furnished anywhere. Further, nothing was to be attached with ITR. Then where to file TAR ??
So 271B upto A.y 2012-13 could not be levied on non furnishing TAR. TAR was only to be obtained.
CAclubindia
