Audit u/s 44ab

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Praveen (Querist)
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26 November 2011 Is it true that one can file tax audit return (turnover above 60 lakhs) online after 30th September by mentioning the date of audit report before 30th Sept...

If not..
How should one file the above return..what are the consequences..

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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26 November 2011 you can file on line return after due date in case of audit u/s 44AB but audit report shall before 30th sep..

further provisons contained in sec 234A of "interest on late filling of return at the rate 1% per month or part of the month shall" will applicable.

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Praveen

Praveen (Querist)
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28 November 2011 Is there any penalty for late filing..

and why do people rush to file their return before 30th sept.. eventhough they can have audit report dated before 30th sept..

plz tell me.. I thought penality for late filing is heavy..

Praveen

Praveen (Querist)
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Praveen

Praveen (Querist)
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CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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28 November 2011 Parveen no penalty for late filling of return upto end of the assessment year...but after end of the AY penalty u/s 271F Rs. 5000 shall be levied.

but in case you are not able get your accounts audited penalty u/s 271B shall be levied.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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28 November 2011 (i) The report of audit under section 44AB is not to be attached with the return. It should not be furnished separately also before or after the due date. However, an assessee should get the report of audit from an accountant under said section before the due date of the furnishing of the return and should fill out the relevant columns of these forms on the basis of such report. The assessee should retain the report with himself. It may be furnished in original during the assessment proceedings. No penalty under section 271B shall be initiated or levied for not furnishing the tax audit report on or before the due date. However, if the audit report has not been obtained before the due date, provisions of section 271B shall be attracted.

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Praveen

Praveen (Querist)
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29 November 2011 thank you sir,
what is the penality u/s 271b
also plz tell me the need of the auditors to file return of their clients u/s 44ab before 30th sept..even when they can file after 30th sept but before 31st march without any penality..

Praveen

Praveen (Querist)
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