Penalty provs. u/s 44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2012
What is the amount of penalty & procedure for same in the case of a person who failed to audit his account u/s 44AB in the F.Y.2009-10, & is now auditing his A/c's of that year in Nov 12??
Thanking You.
Thanking You.
07 November 2012
0.5% of turnover or Rs. 1,00,000/- which ever is less
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Querist : Anonymous
Querist :
Anonymous
(Querist)
08 November 2012
What is the procedure for payment of Penalty??
22 November 2012
The assessing officer will issue a notice for levying the penalty. Thereafter penalty proceedings shall commence and on completion of the same, penalty order shall be passed.
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