Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

tax audit is not done but income tax return is filed

31 December 2009

my question is that someone is ABC co. it comes under TAX audit but it has not done its tax audit only income tax return is filed for prev. year 2008-2009. now what will happen.

Reply
Follow
Share

5 Replies

Amir (Learner) (4016 Points)
Replied 31 December 2009

Penalty u/s 271 B WILL ATTRACT AMOUNTING TO,

LOWER OF FOLLOWING :-

1) 0.5% OF TURNOVER /GROSS RECEIPTS

2) Rs. 1,00,000/-

Further AO by issuing NOTICE u/s 142(1)(ii), REQUIRE THE ASSESSEE TO BE PRODUCED TAX AUDIT REPORT, AND FAILING TO WHICH AO CAN DO BEST JUDGEMENT ASSESSMENT U/S 144

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Atul Kumar (working employee) (153 Points)
Replied 09 January 2010

i think firstly he should file a revised return with tax audit.......... immediatly...... so that he will not be attact any more penalty as mention by Amir

sanjay kumar ( tax consultant) (90 Points)
Replied 09 January 2010

FROM YOUR QUESTION STATUS OF THE ASSESSEE IS NOT CLEAR...AS YU HAVE USED THE WORD ' CO' IT IS ASSUMED TO BE A PRIVATE LIMITED COMPANY .....

LEGALLY SPEAKING THE DAMAGE HAS BEEN DONE .....BUT THE REMEDY IS SIMPLE AND VERY CONVENIENT ...WITH THE INTRODUCTION OF E-FILING ALL TAX RETURNS OF THE COMPANIES ARE DONE ELECTRONICALLY AND NO ATTACHMENTS ARE ALLOWED ....THEREFORE AS ON DATE THE DEPARTMENT OF INCOMETAX IS NOT AWARE AS TO WHETHER TAX AUDIT HAS BEEN DONE OR NOT ....SO GET IT AUDITED FROM YOUR AUDITORS NOW AND SIGNED BACKDATED ..BEFORE THE DEPARATMENT OF INCOMETAX ISSUES REGULAR NOTICE FOR ASSESSMENT ...

sriram (CA) (281 Points)
Replied 11 January 2010

"Penalty u/s 271 B WILL ATTRACT AMOUNTING TO,

LOWER OF FOLLOWING :-

1) 0.5% OF TURNOVER /GROSS RECEIPTS

2) Rs. 1,00,000/-

Further AO by issuing NOTICE u/s 142(1)(ii), REQUIRE THE ASSESSEE TO BE PRODUCED TAX AUDIT REPORT, AND FAILING TO WHICH AO CAN DO BEST JUDGEMENT ASSESSMENT U/S 144"

Is 271 B for tax audit non compliance