15 October 2013
If an audit report(3CB-3CD) was filed but in the attachments, for balance sheet and Profit and loss A/c only 1 page each for both was uploaded without any annexures.
Are there any consequences of filing revised Audit report just to correct the mistake in these attachments?
In fact there is no penalty as such for this fault, absolutely no penalty, believes me, I said that there is no penalty on late filing of return as such. Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under…
In your case, you can file revised return without any penalty.
“If a person failure to furnish return of income as required by section 139 (1) before the end of relevant Assessment Year, the assessing officer may impose a penalty of Rs 5000/-“ So this section says end of relevant Assessment Year, its end on 31st March 2014, means there is no liability for late filing of Income Tax Return up to 31st March 2014 and after that Assessing Officer can impose a penalty of Rs 5000, and that is also his (Assessing Officer) power which he may or may not exercise after giving due hearing to the Assessee.
15 October 2013
You can revise the Audit report filled..
following circumstances, the audit report efilled can also be revised:
1. Revision of Accounts after adoption in AGM. 2. Change in law with retrospective Effect. 3.Change in interpretation of Law {CBDT notification or Circulars}
In case tax audit report efilled revised, the Auditor shall state that it's a revised report and also state the reason behind...
15 October 2013
1 Question aryan does audit report also includes "Tax Audit Report" as no where it mentions it and it is referring to audit report for financial statements?
15 October 2013
I would suggest you should revise ur return, I haven't been thru such cases... As I already mentioned once my Pricipal revised the report for the correction..
CAclubindia
