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Discussion > Income Tax > Tax queries >

PENALTY ON TAX AUDIT REPORT

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Practising as a Registered Sales Tax Practitioner

[ Scorecard : 80]
Posted On 16 July 2010 at 19:24 Report Abuse

 

IF AN ASSESSEE GOT AUDITED HIS BOOKS OF ACCOUNTS AUDITED U/S. 44AB ON 23TH SEPT. BUT FAILS TO FILE A RETURN OF INCOME WITHIN DUE DATE (i. e. 30-09-2009) WHETHER ANY PENALTY FOR NON SUMISSION OF AUDIT REPORT CAN BE LEVIED ON THE ASSESSEE OTHER THAN INTEREST.


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CA Vishal kapoor
Partner

[ Scorecard : 320]
Posted On 16 July 2010 at 21:04

penalty is .5% of turnover or 1lac which ever is lower.





Member
Management

[ Scorecard : 298]
Posted On 18 July 2010 at 21:05

In these days of e-filing, there is no necessity to file the tax audit report manually.  The only report required to be filed manually is the report u/s 92E [arm's lengh transactions].  But if the Department finds that you have not had your accounts audited, then the penalty is one lac or one half percent of your TO.



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