Tax Audit

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DeepA (Querist)
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28 March 2009 1) What are r penalty or interest charged by income tax department if Audit report is filled after due date i.e 30th sep.

2) What are r penalty or interest charged by income tax department if Audit report is signed by auditor and submited after due date i.e 30th sep.

Rajesh Kumar

Rajesh Kumar (Expert)
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28 March 2009 Penalty can be imposed, under Section 271B, upto 0.5% of the turnover or Rs. 1,00,000/-.
However, penalty is for not getting account audited or not furnishing the report. Penalty should not be imposed under this Section for mere delay. Further, if sufficient cause is shown as per Section 273B, no penalty is imposable.