03 October 2012
If audit return is obtained before due dt. under sect. 44AB and return is submitted till 31st March of end of Asst. year no penalty attracts, only liable to interest u/s. 234A/B/C as may be applicable. If return is submitted within 1 year from end of Asst. Year penalty attracts u/s. 271F. Penalty @0.5% or Rs. 150000/- which ever is less attracts u/s. 271B, if the accounts are not audited as per sect. 44AB, in prescribed time.
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