06 December 2011
I have done auditing of a private firm I have prepared the audit report before 30th sept but failed to file the return on time, please let me know the max penalty in case of late filing of Income Tax return for audit case.
07 December 2011
0.5% of total sales, turnover or gross receipts, or Rs. 1,00,000 whichever is less
But as per the case laws available to us, if the audit report is within the due date and if the return has been filed lately, there will be no penalty.
This is to the best of my knowledge. Please refer if possible
CAclubindia
