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Consequences for not undergoing tax audit

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(Querist)
17 March 2014 sir,
A contractor has a turnover of 43,00,000/- for A.Y.2011-12; proper TDS for above amount was deducted u/s 194(c). The return was filed for A.Y.2011-12, without audit report by showing net income of 3,00,000/- What are the consequences for the above mistake
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
17 March 2014 The assessing officer can levy penalty by giving an opportunity to be heard.
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B.V.Vijaya Lakshmi

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B.V.Vijaya Lakshmi (Querist)
17 March 2014 sir,
what will be the section for such penalty and is there any minimum and maximum limits of penalty and what was the basis for it
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 March 2014 please refer section 271B...one-half percent of turnover of Rs 1.5 lakhs whichever is less
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Rajiv Sharma

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Rajiv Sharma (Expert)
18 March 2014 If there is reasonable cause, no penalty.
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