Tax audit report

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2011 PLEASE TELL ME THE PENALTY FOR LATE FILING OF TAX AUDIT REPORT FOR A.Y. 2011-2012. TILL DATE IT IS NOT FINALISED.

CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Expert)
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27 December 2011 Penalty for tax audit is 1% of turnover or Rs.100000/- whichever is higher.

However if the auditor report on tax audit dated the below the due date of filing the tax audit report then this penalty will not be applicable.

Please let me know if u do have any doubts

Thanks,
CA M Sreenivasa Rao.