Dear Experts,
Now we are in delay submission position of Form - W W (Vat Audit) and if any interest , penalty are raise in this regard?
NOUFAL
(ACCOUNTANT)
(762 Points)
Replied 02 January 2014
Tamil nadu WW vat audit is need to submit 7 month after financial year, ie 31-October, But this year that is extend to 31-December.
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=5375
" Penalty
Section 63A (2) provides that if such registered dealer fails to get his accounts audited and submit a report of such audit within the prescribed period, the Assessing Authority may, after giving a reasonable opportunity of being heard, direct such registered dealer to pay by way of penalty of sum of Rs. 10,000, in addition to any tax payable, in respect of the said period.
This penalty shall not apply to the departments of Central and State Governments, local authorities, the railway administration as defined under the Railways Act, 1989, the Tamil Nadu State Road Transport Corporation and other similar registered dealers as may be notified by the Government.
Rule 16A (2) provides that the notice for levy of penalty will be issued in Form – RR."
Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance
CAclubindia
