11 April 2009
one of my client i have been appointed as auditor where 2007-2008 is also pending ,and turnover exceeds Rs.40 lacs and statutory audit is not done , tax audit is not done,Roc returns , Income tax returns are not filled, the penalty under income tax Rs. 100000 can it be saved any ways. please suggest me on these issue
11 April 2009
The penalty chargeable is 0.5% on the turnover upto a maximum of rs.1 Lac. Here you have to find out what is the exact turnover then you find out the penalty. If still penalty is more thatn rs.1 Lach the officer has to give an opportunity before leving penalty. You can still explain in detail with the proper supporting doucments why there was a delay in getting the audit report. Then you can save that penalty.
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