Penalty u/s 271b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2015
Dear experts
if i have obtained the audit report after the due date, however the audit was conduct for having net profit below 8%, plz guide me weather penalty will attract u/s 271b in this cases or not......
regard
Nitin
if i have obtained the audit report after the due date, however the audit was conduct for having net profit below 8%, plz guide me weather penalty will attract u/s 271b in this cases or not......
regard
Nitin
05 October 2015
For levy of penalty, your profit is irrelevant. Penalty can be levied for late audit (Saraswathi Electronics (2007) 292 ITR 411]. However, the penalty is not mandatory. If you have sufficient reason to explain delay, penalty may not be levied.
05 October 2015
Penalty can be levied because filing of report also
get delayed leading to violation of section 44AB(d) r. a. w 44AD(5).
get delayed leading to violation of section 44AB(d) r. a. w 44AD(5).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
