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Audit not done

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Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2011 is there any provision related to late audit. actually a person who is liable to get his a/c audited by 30 sep. 2011 not yet audited his A/c's what are the consequences and what can be done now.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

10 December 2011 If audit as per section 44AB doesn't done with in the due date the penalty will be leaved @0.5% on gross turnover/receipts with maximum of 150000. However the reasons for not does the audit with in the prescribed limit is reasonable and satisfied by the AO he may exempt the penalty(reasons like assesse death or the assesse in the situation not to done audit like hospitalized etc....). However so many are doing audit now with back dated so you also proceed like this. then the chances to penalty is low because not knows to the AO if you do it with the current date the AO can easily identify your case and leaved penalty.
OM SAI SRI SAI JAI JAI SAI

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