06 October 2024
sir, A Business it person sale turnover rs:3 crores above year f.y.23-24 books records computer system tally software used some tally data corrupted account records rewritten tax audit returns filed some time. Question: Assesee late fileing tax audit penality provision applicable.
06 October 2024
The tax audit deadline has been extended by CBDT. "Decided to extend the specified date for filing of various reports of audit for the Previous Year 2023-24, which was 30th September, 2024 in the case of assesses referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th October 2024," said CBDT.
06 October 2024
If a taxpayer fails to submit the tax audit report by the prescribed deadline, the Assessing Officer may impose a penalty. The penalty amount is equal to 0.5% of the total sales, turnover, or gross receipts for the relevant financial year, or Rs 1,50,000, whichever is lower.
06 October 2024
If there is a reasonable cause for the delay, no penalty shall be levied. The reasonable causes that are usually accepted by tribunals/courts for any delay in filing tax audit reports include: Natural calamities Delay due to the resignation of the tax auditor Resignation of accountant or key employees Labour problems like strikes or lock-outs for an extended period Loss of accounts because of situations beyond the assessee’s control. Physical inability or death of the partner in charge of the accounts.
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