APPLICABILITY OF SECTION 44AB FOR F.Y 2012-13 & PENALTY IN CASE OF DEFAULT
2 Replies
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 28 May 2012
For A/Y: 2012-12 sec. 44AB requires that in case of an assesse having gross receipts greater than 60 laks during a financial year, the assessee will have to mandatorily get it's account audited by a chartered accountant..
this limit is increased to 1 crore for A/Y: 2013-14.
Penalty for non-compliance is governed by sec. 271B
penalty of 1/2% of sales or turnover or gross receipts will be payable upto maximum of rs. 100000
NAVNIL SUMAN
( CA FINAL )
(40 Points)
Replied 28 May 2012
thanks
please clearify the penalty for default u/s 44AB.
I have doubt...........(max penalty is Rs.1,50000 ? )
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