06 October 2009
yes there will be interest penalty under section 234a for late filling of return.along with penalty for section 44ab for non auditing accounts & submitting the return on the time. as section require if we r unable to file the return on time , tax audit report should be submitted with the deptt.to avoid the penalty u/s 271
06 October 2009
Beg to differ on the point of penalty u/s 271. At present, there is no requirement of furnishing the audit report to the department, either the audit report as stand alone basis or along with the return.
The only requirement is to obtain the report before the due date.
Since the audit report has been obtained before the due date, no penalty can be imposed on this count, in my view.
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