We are into trading of NonFerrous and our turnover is 62 Lakhs. But we have not done Tax Audit and Sales Audit. Now I have to submit sales audit before 31st Dec 2010. Can I do tax audit now. Is there any penalty to be paid or any other option pay nominal penalty. Please advice it is very urgent
27 December 2010
Per the process of VAT audit you need to submit the Tax audit report along with VAT audit report to sales tax department.
Hence you must need to complete the TAX audit report before vat audit. Penalty for not doing the tax audit on time is1L u/s 271(1)(c) under Income Tax Act (pls. check the updated amount from section details).
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