what is penalty if tax audit report and return is not file within 30th sept. ?
please tell me with section
3 Replies
ANUP GUPTA
(KEEP SMILING fcaanupgupta@gmail.com)
(303 Points)
Replied 07 October 2011
Penalty u/s 271B for non furnishing of audit report is lower of
0.5% of total sale or rs. 150000/-
Swapnil Jain
(Finance - FP&A)
(564 Points)
Replied 10 October 2011
If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under s. 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred and fifty thousand rupees, whichever is less.
Roshan Thomas
(C.E.O )
(356 Points)
Replied 13 October 2011
Not filing tax audit report and not submitting return will be hit by 2 separate penalty provision. 271B for failure furnish audit repor and 271F for failure to file return of income.
However please note that 271F states that return has to be filed u/s 139 within the end of the assessment year. Failure to file return leads to penalty of Rs 5,000/-. So in the instant case if return is not submitted even by the end of the assessment year additional penalty of Rs 5,000/- will also be levied
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