Tax audit late filing penalty
anu1973b@gmail.com (164 Points)
16 January 2021
tax Audit late filing penalty
9 Replies
Kapadia Pravin
(17259 Points)
Replied 16 January 2021
10000/- is penalty for late filing of return under 234F
Delay in Tax audit __penalty is under 44AB which is seperate.
Delay in Tax audit __penalty is under 44AB which is seperate.
Atul M
(aaa)
(729 Points)
Replied 16 January 2021
If any taxpayer who is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty:
1. 0.5% of the total sales, turnover or gross receipts
2. Rs 1,50,000
1. 0.5% of the total sales, turnover or gross receipts
2. Rs 1,50,000
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 16 January 2021
150000 or 1% of turnover which ever is lower
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 January 2021
10000 at the time of filing.
0.5% of sales or 150000 w.e. is less at discretion of ITO.
0.5% of sales or 150000 w.e. is less at discretion of ITO.
Kapadia Pravin
(17259 Points)
Replied 18 January 2021
Whichever is less that is provided in section. What is at the discretion of AO !! Is the penalty discretionary ?? I don't think so.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 January 2021
Penalty isDiscretionary not compulsory .
However late fee of 10000 is compulsory
However late fee of 10000 is compulsory
Kapadia Pravin
(17259 Points)
Replied 18 January 2021
AO has power to waive 44AB penalty. That clause is there. But usually it's full penalty.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 January 2021
Yes but AO not use this power always.
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