Nilesh (Job) (30 Points)
08 March 2009What are the penal provisions for an assessee who has filed his tax audit return 1 year after the completion of the due date, under section 271 B. The assessee has filled the tax audit return for A.Y. 2007-08 & 08-09 on 7th March 2009. Please reply ASAP.
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 08 March 2009
100000 or 0.5% of the turnover whichever is less.
CA Sakshi
(CA Practice)
(309 Points)
Replied 08 March 2009
In case the audit report date is after 30th september of relevant year (due date u/s 44AB) then penalty which Mr. Nitin mentioned will apply. If return filed late but the report date is before 30th september then no penalty attract.
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