Section 271b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2015 Dear experts,
if i have filled audited income tax return on 5/10/2015 with having turnover with turn over 2 crore, plz let me know weather section 271B will attract or not if yes how we will calculate the penalty.....

regard
Mohit sharma

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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29 September 2015 No penalty if you have uploaded audit report in time but return file afterwards.

271 B penalty is for Audit Report not income tax return.

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2015 sir. if audit report is obtained 5/10/25015 then how much penalty will be levied...if turnover is 2 crore,

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CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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29 September 2015 Then 0.50% of Turnover or 150000.00 whichever is lower.

so in your case it will be 100000.00 rs will be penalty which is 2 Cr. * 0.50%

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2015 Respected sir. i have one more query... if the turnover is below 1 crore however the accounts was audited for having turnover below 8% , even in this cases weather penalty 271B will attract if tax audit report obtained after the due date,

also let me know will this penalty be paid on demand and will be calculated on month basis,