Audit Possible or not
RAVINDRA GANGADHAR DEVALE (TAX PRACTITIONER) (292 Points)
18 August 2023one of my client filed income tax return for fy 22-23 under 44Ad & Now he wants to Audit for same year. its possible this. plz guide.
RAVINDRA GANGADHAR DEVALE (TAX PRACTITIONER) (292 Points)
18 August 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177869 Points)
Replied 18 August 2023
Are you ready to pay penalty for late filing of audit report?
In that case check with updated return u/s. 139(8A) IT act..
RAVINDRA GANGADHAR DEVALE
(TAX PRACTITIONER)
(292 Points)
Replied 18 August 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177869 Points)
Replied 18 August 2023
Yes, that is why I asked whether ready to pay late filing fees for audit report?
Refer sec. 271B of IT act...
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177869 Points)
Replied 18 August 2023
The audit report would be needed to get filed in the stipulated time, if not done, the penalty would be levied via assessing officer under section 271B:
Whichever would be lower.
Moreover, for the late tax return filing, there shall be no losses permitted to be taken forward as well as the interest u/s 234A will be applied.