Richa vaidya (Partner) (56 Points)
22 February 2019Hi,
A firm has not completed audit as per 44AB for FY 2017-18. This is the first time the firm is eligible for audit.
Last date for filing the belated return is 31st march 2019.
Can the audit be completed now, is there any fine to be paid?
Please advice
Thank you.
CA Inderjeet Sunda
(Chartered Accountant)
(355 Points)
Replied 22 February 2019
Yes, Audit Report can be filled with late fees @ .50% of Turnover subject to maximum limit of Rs. 150000.
Richa vaidya
(Partner)
(56 Points)
Replied 22 February 2019
Thanks Sir.
Will late fee be applicable even for furnishing audit report now?
Other wise, if audit report is not gone for, is there any consequence?
CA Inderjeet Sunda
(Chartered Accountant)
(355 Points)
Replied 22 February 2019
Late Fees will be applicable even if you will file audit report now. If assessee Fails to file Audit Report then Assessee in default .
Richa vaidya
(Partner)
(56 Points)
Replied 22 February 2019
Thank you. What is the result of assesee in default for failing to file audit report? Is any further fine payable ?
CA Inderjeet Sunda
(Chartered Accountant)
(355 Points)
Replied 22 February 2019
Assessing Officer will initiate Scrutiny Assessment and Penal Provisions are applicable.
Richa vaidya
(Partner)
(56 Points)
Replied 22 February 2019
Thank you. So its compulsory to get audit as per 44AB despite penalty to be paid of 0.5% turn over
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