Audit of private limited company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 February 2013
My Client having a Private Limited Company. His Company Turnover is around 10 lacs as on 31st March, 2012. My Client not audited his company books of account till date. His Chartered Accountants is saying he liable for penalty of Rs. 100000/- as per income tax act.
Please give your valuable suggestions whether my client are liable for penalty under Income Tax Act and Companies Act of non audit in time.
Please give your valuable suggestions whether my client are liable for penalty under Income Tax Act and Companies Act of non audit in time.
13 February 2013
If turnover has not exceeded the threshold limit specified under section 44AB in earlier years, penalty will not be levied under income tax act.
13 February 2013
Section 218(b)
If any copy of a balance-sheet is issued, circulated or published without there being annexed or attached thereto, as the case may be, a copy each of (i) the profit and loss account, (ii) any accounts, reports or statements which, by virtue of section 212, are required to be attached to the balance-sheet, (iii) the auditors’ report, and (iv) the Board’s report referred to in section 217;
the company, and every officer of the company who is in default, shall be punishable with fine which may extend to 1[five thousand rupees].
If any copy of a balance-sheet is issued, circulated or published without there being annexed or attached thereto, as the case may be, a copy each of (i) the profit and loss account, (ii) any accounts, reports or statements which, by virtue of section 212, are required to be attached to the balance-sheet, (iii) the auditors’ report, and (iv) the Board’s report referred to in section 217;
the company, and every officer of the company who is in default, shall be punishable with fine which may extend to 1[five thousand rupees].
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