penalty for late filing of return of an audited company
This query is : Open
04 October 2009
Dear Sir
as defined u/s 44 AB AUDIT REPORT HAS TO BE FILED before 30 th september for ay 09-10.
the problem is that in case of e filing of return where and how to file the audit report . Is it compulsary to file the report or date mentioned in e return is sufficient.
If audit is conducted before due date but return of income e filed after 30 th sept. how much penalty be imposed .
section 272 and 139 was contradictory.
kindly suggest the solution .
as defined u/s 44 AB AUDIT REPORT HAS TO BE FILED before 30 th september for ay 09-10.
the problem is that in case of e filing of return where and how to file the audit report . Is it compulsary to file the report or date mentioned in e return is sufficient.
If audit is conducted before due date but return of income e filed after 30 th sept. how much penalty be imposed .
section 272 and 139 was contradictory.
kindly suggest the solution .
04 October 2009
Tax audit report is not to be submitted to the IT dept , It has to be obtained before 30/9 and kept with the client . (refer circular no 5 of 2007 )
I think NO penalty can be levied u/s 271B for late filing of ITR if tax audit report is obtained before 30/9.
Although there are different views on this blog my view is penalty cannot be levied.
You are not in contravention of any provisions if tax audit report is obtained before 30/9.
Although 234A is attracted for late filing of return .
No penalty can be imposed before issuing a show cause notice.
I think NO penalty can be levied u/s 271B for late filing of ITR if tax audit report is obtained before 30/9.
Although there are different views on this blog my view is penalty cannot be levied.
You are not in contravention of any provisions if tax audit report is obtained before 30/9.
Although 234A is attracted for late filing of return .
No penalty can be imposed before issuing a show cause notice.
04 October 2009
W.e.f 01/07/1995 section 44AB has amended.As per the post amended section an assessee has to get his accounts audited before the specified date and also to furnish by that date the report to the IT authorities. If the assessee fails in both/either of the two conditions,penalty under section 271B (post amended w.e.f 01/7/1995) will attract.
04 October 2009
I agree with the view of Mr.Warrier
04 October 2009
agree
05 October 2009
The two requirement for the purpose at hand is : -
1. geting the accounts audited and 2. furnishing the same before the due date. Filing of return is a separate issue.
The requirement of furnishing the audit report has been done away with vide the circular rightly pointed by Mr. Rajeev. Hence no penalty can be imposed, if the report has been obtained before the due date, whether the return is filed in time or not.
The relavant portion of the circular is produced for ready reference.
"The report of audit under section 44AB is not to be attached with the return. It should not be furnished separately also before or after the due date. However, an assessee should get the report of audit from an accountant under said section before the due date of the furnishing of the return and should fill out the relevant columns of these forms on the basis of such report. The assessee should retain the report with himself. It may be furnished in original during the assessment proceedings. No penalty under section 271B shall be initiated or levied for not furnishing the tax audit report on or before the due date. However, if the audit report has not been obtained before the due date, provisions of section 271B shall be attracted"
1. geting the accounts audited and 2. furnishing the same before the due date. Filing of return is a separate issue.
The requirement of furnishing the audit report has been done away with vide the circular rightly pointed by Mr. Rajeev. Hence no penalty can be imposed, if the report has been obtained before the due date, whether the return is filed in time or not.
The relavant portion of the circular is produced for ready reference.
"The report of audit under section 44AB is not to be attached with the return. It should not be furnished separately also before or after the due date. However, an assessee should get the report of audit from an accountant under said section before the due date of the furnishing of the return and should fill out the relevant columns of these forms on the basis of such report. The assessee should retain the report with himself. It may be furnished in original during the assessment proceedings. No penalty under section 271B shall be initiated or levied for not furnishing the tax audit report on or before the due date. However, if the audit report has not been obtained before the due date, provisions of section 271B shall be attracted"
05 October 2009
I do agree with Expert Rajeeb and Expert Shyam lal Naik. Thanks to both of u
06 October 2009
Warrier Ji ,
There was one view expressed by someone on this website in an article , that filing up the ITR ( particularly tax audit columns) is furnishing of the tax audit report and if that is not done before 30/9 , penalty can be levied .
My view is that circular asks the assessee to fill up the relevant tax audit columns in the ITR and file the return . It no where mentions that fill up the columns and file the ITR before 30/9 .
My view remains the same . 271B cannot be levied , as 271B is to be read with 44AB and not 139
There was one view expressed by someone on this website in an article , that filing up the ITR ( particularly tax audit columns) is furnishing of the tax audit report and if that is not done before 30/9 , penalty can be levied .
My view is that circular asks the assessee to fill up the relevant tax audit columns in the ITR and file the return . It no where mentions that fill up the columns and file the ITR before 30/9 .
My view remains the same . 271B cannot be levied , as 271B is to be read with 44AB and not 139
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