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Urgent! tax audit late filing

raji.s (audit assisstant) (123 Points)

21 September 2019

can someone please reply what is consequences of late filing of tax audit return? if it files after 30 th Sept what is late fees and penalty?

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CA ABHAY GUPTA (Practice) (3235 Points)
Replied 21 September 2019

Lower of 150000 Rs or .50% of turnover

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Kapadia Pravin (17264 Points)
Replied 21 September 2019

1) Late fee for late filing of return depend upon taxable income (under 234F)

a. 1000 if taxable income < 5 lakhs
b. 5000 if > 5 lakhs upto 31st Dec
c. 10000 if > 5 lakhs upto 31st March 2020

2) penalty under 44AB for late filing of Audit report is 0.5% of turnover or Gross receipts - subject to a maximum of Rs 150000/-

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raji.s (audit assisstant) (123 Points)
Replied 21 September 2019

I want to know even if I file return 15Th oct will I be reqd to file penalty of. 5℅ of turnover??

Kapadia Pravin (17264 Points)
Replied 21 September 2019

Yes Sir penalty is there.

However if you prove that there was reasonable cause for the said failure then no penalty (under 273B)

Suresh Thiyagarajan (Student) (3986 Points)
Replied 21 September 2019

1. Penalty u/s 271B is payable if the tax audit report is not filed within the due date. The penalty would be 0.5% of the T.O or gross receipts or Rs. 1.5 lakhs, whichever is lower.
2. However, sec 273B waives such penalty if reasonable cause is shown for not filing the ROI on time.
Please correct me if the above solution has an alternative view.