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.
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.