02 October 2012
I have obtained audit report on 30-09-2012 but could not deposited the tax due and not filed the ITR what are the consequences if I deposit tax and file ITR now?
02 October 2012
Section 271B.Failure to get accounts audited- If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the 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 one hundred fifty thousand rupees, whichever is less.
There is no penalty for late furnishing of ITR till the end of assessment year.However, interest u/s 234A shall be charged @1% pm on the amount due for payment.
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