Penalty for delay in audit
Pramod Kuruvatti (136 Points)
23 November 2018
Can anybody plz tell me the penalty if i get my books audited now
2 Replies
VARUN MAHAJAN ADVOCATE
(Proprietor)
(339 Points)
Replied 23 November 2018
If any person who falls under these consideration fails to get his audit done before the date which is specified, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1,50,000.
moreover I would like to add one important thing that is if books of accounts were not maintained than you will not be liable to this rather you be laible to pay penalty under section 271A.
Pramod Kuruvatti
(136 Points)
Replied 23 November 2018
i have a turnover of 60 lakhs and i am partner is other business from which i get upto 2 lakhs income ... still am i required to get my account audited
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