Sec.44ab (tax audit)

This query is : Resolved

surbhi agrawal (Querist)
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27 December 2016 HELLO,
Whether an assesse who does not fall in Sec44AB limit for tax audit,still if he wants to get tax audit today after tax audit due date so whether penalty under sec 271B will be imposed or not as this penalty for those mandaory assesssee who come under purview ?

Amol S Joglekar

Amol S Joglekar (Expert)
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27 December 2016 for mandatory audits only.... (Please check the cases where eligible business has shown a profit less than 8% and hence the tax audit is required to be conducted....in that case penalty can be levied for delay in tax audit.)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 December 2016 as an auditor, you need to sign an audit report stating the clause under which the audit has been performed. So forger the penalty, the main point is, under what clause will you sign off the audit if it is not applicable in the first place..

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