16 December 2013
If an assessee failed to maintain books of accounts as per the Companies Act, and the assessee comes under 44AB audit, VAT Audit, What is the amount of penalty to be paid by the assessee?
16 December 2013
Under the Income Tacx Act, Penalty U/s 271A for failure to maintain books of account can only be levied which is Rs. 25000/- (Max.) For Non Audit-Penalty can not be levied. . For VAT Audit Penalty, Please wait.
Mention your state so that penalty may be levied upon you as per the State VAT Act by our State Vat Expert. .
punishable imprisonment for a term which may extend to six months, or with fine which may extend to one thousand rupees, or with both.
In companies act 2013
Section 128
imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees or with both.
if you got the tax audit done. penalty under 271B wont apply.
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