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PENALTY ON TAX AUDIT REPORT

Practising as a Registered Sales Tax Practitioner

 

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

 
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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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