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This query is : Resolved 
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(Querist)
04 January 2015 in ay 2014-15 Sale Rs 65 lac net profit Rs 3 lac no return filled till date no books audited Is there is any remedy to audit books now ? what penalty may be imposed ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 January 2015 Yes audit may be done now and belated return can be filed with applicable interest. Penalty may not be imposed file it early.
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CA NAVEEN SINGLA

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CA NAVEEN SINGLA (Expert)
04 January 2015 Yes Audit can be done and belated Return can be filed but Please file the Income tax Return on or before 31.03.15 to avoid the Penalty of Rs. 5000/-.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
05 January 2015 If you opted for tax audit now there will be penalty Rs. 150000 or 0.5% of turnover whichever is less under section 271B for failure to furnish audited account.

Therefore, if you are eligible under section 44AD, file a return of income by declaring at 8% profit on turnover
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