Non filling of audit bsheet under due date

This query is : Resolved

Manish Tulsiyan (Querist)
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19 April 2015 we are not filed audited bsheet a/y 2013-14, 2014-15 till now. what kind of penalty proceedings on this.my turnover around 1 crore in every year.

j p daga

j p daga (Expert)
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19 April 2015 non filing / late filing penealty is 0.5% of gross turnover . maximum penalty is Rs 1,50,000/-

Penalty can be waited for reasonable reason like tax auditor left job, death of partner handing tax audit / assesse , Loss of books of account etc.

Advised to file this now to avoid other penalty like 100- 300% of tax if AO slap penalty for concealment of income, Rs 500/- non filing of return etc.

Regards CA JP daga
dagajp@gmail.com