Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 March 2013
The Submission of Audit Report and Balance Sheet is not reqd alongwith the Return of Income
If it happens that the Audit U/S 44AB has been done in time and the Audit report is also obtained in time but the return is not filed on due date.
What will be position as regards to Penalties with I.Tax for non filing on due date.
If it happens that the Audit U/S 44AB has been done in time and the Audit report is also obtained in time but the return is not filed on due date.
What will be position as regards to Penalties with I.Tax for non filing on due date.
11 March 2013
According to the section 44AB tax audit should be done and report should be file with in the due date u/s 139(1) otherwise liable for penalty of 0.5% on gross turnover with maximum of Rs.1.5 lacs. I.e to avoid penalty audit report u/s 44AB has to file with in due date u/s 139(1) with the IT department. But now ITR forms include tax audit report details and need not to require separate filing of tax audit report i.e tax audit report should be file along with return of income only. thus to avoid penalty required to file tax audit report in due date to file tax audit report should be required to file income tax return. So if you not filed income tax return with in time it seems not filed tax audit report with in due date so AO may levy penalty for non filing of tax audit report with in due date even though audit completed in time. But if the AO satisfied with the reason to non filing with in due date then he may be give exemption for penalty.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding appeal to GSTAT
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Value of property in capital gain
- Multiple trade mark
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
