Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Tax audit reurn

CA Arindam Sain (Practice) (308 Points)

09 March 2013

Hi friends, One of my client gets his books of accounts audited u/s 44AB before 30th september 2012 but failed to file the return within 30th september 2012 for F.Y 2011-12, A.Y 2012-13, Now he has told me to file the return within 31st March. His tax liability is aroundRs,22000/-, I think there is no penalty except interest u/s 234A,B,C....Please guide me whether there would be any penalty imposed on him or else what would be right couse of action....pls. help

Reply
Follow
Share

3 Replies

CA Shruti Gupta (CMA FINAL CS Final) (1434 Points)
Replied 09 March 2013

hi Arindam

there is a penalty of Rs. 100000.00 if a person required to get audit u/s 44ab before due date

in your case if date of audit report is on or before 30th sep,then u can file ROI before 31st MAch without said penalty only with interest u/s 234A,b,C ,

but if date of audit report if after 30th sep. then have to pay penalty

Upgrade to CAclubindia Pro. Subscribe Now!

Manjula Moorthy (Qualified CS CA Finalist) (209 Points)
Replied 09 March 2013

Penalty is applicable when you cross the 31st March Mark for that Particular assessment year..Before 31st March and after 30th September, Interested would be attracted on you provied you have Taxable income and have not paid sufficient advance Tax in the previous Year...As far as i can understand you may file the return by 31st March 2012

CA.D.RAGAVAN (CHARTERED ACCOUNTANTS) (219 Points)
Replied 10 March 2013

At the most Penalty U/s.271F may be imposed by the Assessing Officer. At the time of filing You need not worry about that. Proceeding u/s.271F is independant and initiated separately. You Proceed with filing Return of Income for Both the Assessment Years before 31st March. Otherwise, E-filing for the assessment year 2011-2012 will not be possible unless otherwise You receive a Notice U/s. 142 or 148