Tax Audit Report Not furnished by 31st Oct- 271B penalty ?

This query is : Resolved

Rahul (Querist)
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01 November 2019 For a firm having turnover of Rs. 25lakhs and net loss of Rs. 3 lakhs, 3CD report could not be uploaded within due date, i.e 31st Oct.
Kindly clarify whether 0.5% penalty would be applicable in this case or not ?

Since the turnover is below 1crore, will there be order to pay the penalty ?

Kindly clarify.

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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02 November 2019 Was there statutory requirement for tax audit?
If not, you were not supposed to file 3CD right!
Penalty of 1/2% is for non compliance to Section 44AB and if that section is not applicable, no penalty.