Audit

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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.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

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