What is the Late Fee and Penalty for non filing of Audit Report and ITR by 15th Oct. 2018 in case audit is required under sec.44AD.
Rakesh Joshi
(CA Final)
(1272 Points)
Replied 08 October 2018
If you are not liabile to tax audit u/s 44B then you just need to file the ITR. Late fees u/s 234F will be applicable if you not a company or tax audit assessee.
If you are liable and not filing tax audit report u/s 44AB after filing the ITR then Section 276CC penal provisions will be applicable (Imprisonment and fines).
ajeet singh
(1392 Points)
Replied 10 October 2018
Rakesh Joshi
(CA Final)
(1272 Points)
Replied 10 October 2018
Section 271B is applicable when you do not get your accounts audited and fail to file 3CA3CD or 3CB3CD as the case may be eventhough you are liable under tax audit u/s 44AB.
Even if you file belated return then the section is not applicable.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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