Audit u/s 44ab & it return for fy 2011-12 for indivl. assese

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2012 Sir/mam, I am a proprietor of a cab rental (passenger) business firm. I am regularly falling under audit u/s 44ab for last 3 fy. Now this year i am also falling under audit but I could not file my it return for fy 11-12 till date due to some urgent pers. problems. but there is a benefit in my case that there is no income tax payable as per my books. Pls guide me lawfuly that what will happen if i file my it return for fy 11-12 on or before 31st Oct-12. It's very urgent for me plssssssssssssss...

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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07 October 2012 Don't worry file your return now. And if any possible then dated of tax audit report should be on or before 30th September in such case leavy of penalty may be low. In case the audit report of previous date is not possible then the AO may consider your personal problems on your explanation why to late? if he satisfied with your reasons and he feels reasonable to late then he may not impose penalty. However late filing is better than non-filing. So file it now no consequences will arises. But penalty of 0.5% of your turnover maximum of Rs.1.50 lacs will be leavy but it also may not impose based on your reason.

Last year in my firm almost 15 cases filed on 2,3 and 4 th October but the tax audit date is on or before 30th September. But still now no penalty imposed by the AO.

OM SAI SRI SAI JAI JAI SAI

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