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Non filing of income tax return and tax audit u/s 44ab
If income tax return has never been filed even though the assessee is liable to pay tax (since from last 7 F Y) and since from last 5 F Y (Including F Y 2014-15) tax audit is not done u/s 44AB as turnover exceeds Rs. 1 Crore, what are the consequences and what steps need to be taken now and in future?
Replies (3)
The assessee will be penalised for not filing his ROI. Also he would be penalised for not getting his books audited. However he can file return file last year belated return AND this year return also. Get both year TAX AUDIT done. This year he will be saved from fines and penalties as it is well within the time limit but of previous years, he will be fined
Please tell me the Quantum of penalty for the default with the relevant section?
271B
Failure to get accounts audited
If any person fails to get his accounts audited in respect of any previous year or years relevant to assessment year or furnish a report of such audit as required under section 44AB the Assessing Officer shall direct that such person………….
Penalty of ½% of Turnover or Rs. 150000.00 whichever is less.
ok
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