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Can we ignore penalty under tax audit .

21 October 2012

Dear Friends,

My one friend does part time Accounts work .This sept 2012 , because of his busy schedule he fails to attend one of his client and on 13rd Oct he get the information that the sale of his client exceed 60 lakhs. The client is not ready to pay fine .

The Client is individual (prop) and my friend is asking for any solution.

Please suggest if there is any alternative.

Thanks

Gopal Subedi

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3 Replies

shivaji prasad bhimavarapu (CHARTERED ACCOUNTANT) (2391 Points)
Replied 21 October 2012

Originally posted by : CA Fresher
	Dear Friends, My one friend does part time Accounts work .This sept 2012 , because of his busy schedule he fails to attend one of his client and on 13rd Oct he get the information that the sale of his client exceed 60 lakhs. The client is not ready to pay fine . The Client is individual (prop) and my friend is asking for any solution. Please suggest if there is any alternative. Thanks Gopal Subedi

Section 44 AB says the books ofaccounts of specified assessees to be audited before 30 th september.If the Audit report is on or before 30.09.2012, though the ITR is belatedly filed, there will not be penalty.The dateof Audit report is most important.