Late filing of audit report
This query is : Resolved
17 December 2011
Dear Sir,
co-operative society has done audit of F.Y 09-10 on dated 22-03-2011 i.e. after due date .Reason of delay audit told that their statutory audit under maharashtra state co op. society act of f.y 09-10 conducted late and statutory audit report received on 16-03-2011, hence tax audit was conducted late. Now whether they are liable for penalty for late audit or Is there any remedy.
Plz guide.
co-operative society has done audit of F.Y 09-10 on dated 22-03-2011 i.e. after due date .Reason of delay audit told that their statutory audit under maharashtra state co op. society act of f.y 09-10 conducted late and statutory audit report received on 16-03-2011, hence tax audit was conducted late. Now whether they are liable for penalty for late audit or Is there any remedy.
Plz guide.
18 December 2011
Penalty U/s 271B may be levied by the AO but if sufficient reasons of delay makes him satisfied , he may not levy any penalty.
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