Non-filing of tax audit return for the f.y 2007-08

This query is : Resolved

Krishna Murty (Querist)
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28 July 2011 Today one person came to my office with Income Tax TDS certificate for the F.Y 2007-08 and 2008-09 with a turnover of Rs,50 Lakhs and 75 Lakhs respectively. But both years coming under tax audit. If I have filed these two tax audit returns now, what are the consequences will face from the department, and give best advise

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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31 July 2011 The consequences are many.

1. Penalty of not getting Tax Audit done within time u/s 44AB. 1 lakh or 1% of the turnover.

2. Penalty for non filing of return. minimum 5000.