Audit u/s 44ad

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Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2011 can an Auditor performs audit u/s 44AD even after 30.09

chetan soni

chetan soni (Expert)

31 October 2011 yes, audit can be done any time. The only hardness on assessee is that they need to pay late fees of sec. 271.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

31 October 2011 Tax audit made under section 44AB not under 44AD. However an auditor can perform his audit after 30.09 but the customer would be liable for penalty @5% on gross sales with maximum of Rs.100000 for fail to do audit with in time limit prescribed if reason to fail to do audit is not satisfied by the AO.
OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2011 Thanks Experts,
But my Question was where an assessee opt to show less profit (i.e less than 8% with turnover less than 60 lakhs). Can Audit u/s 44AD be done after 30.09.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

02 November 2011 Yes in such case also an auditor can perform his tax audit.
OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2011 What can be the consequences?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 November 2011 The sufferer will be the assessee.
He may have to produce evidences in support of any valid reasons for the delay to the extent of the satisfaction of the AO.
.
AO may levy penalty of 0.5% of turnover.

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