1. Limit is fixed for per person. Hence he is liable for tax audit.
2. No peanlty. You can file your return now if the audit was completed within due date. But make sure the proper reasons "inbuilt" in your hands to reply the notice of the department; if any; which comes laters on.
3. Full facts and seriousness of the case is to be decided first.
If client is careless; then for him; no penalty is huge. He is liable to bear it. (Don't worry at all when the client himself is too smart).
4. Most of the businessman in India ( more than 80% are unorganized in number) never give due importance to the proper accounting. Call such persons to your office frequently to rectify the SYSTEM. If they are not ready to PAY THE FEE according to your "labour;" don't BOTHER ABOUT THEM. Better find GOOD PERSONS who really need your services.
DUNIYA ME KAAM KI KAMI NAHI. ( Kami knowledge ki hoti hai ).
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ACHCHHE LOGO KO BHI ACHCHHE PROFESSIONAL BADI MUSHKIL SE MILTE HAI.
( Evidence : Big firms are not facing any shortage of work; they have already overloaded ).
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( You may not accept this right now; but after some years you will accept the above TRUTH).
CAclubindia
