Consequences of filing revised i. tax audit report
This query is : Resolved
Sushant Mahajan
(Querist)
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?
Please reply. Its very urgent.
Are there any consequences of filing revised Audit report just to correct the mistake in these attachments?
Please reply. Its very urgent.
Ajay Mishra
(Expert)
15 October 2013
Hi
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.
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.
Sushant Mahajan
(Querist)
15 October 2013
Sir i am talking about audit report and not return.
Ajay Mishra
(Expert)
15 October 2013
Audit report includes in return, there is no specific provision for this.
Sushant Mahajan
(Querist)
15 October 2013
Sir, i am confirmed that audit report can be revised. I just want to know whether there are any consequences of doing so.
Sushant Mahajan
(Querist)
15 October 2013
Sir, if I choose not to revise the audit report to correct the attachments sent without annexures, then are there any consequences?
Ajay Mishra
(Expert)
15 October 2013
There is possibility that in Future, after scrutiny, IT department will issue notice in this regard.
So be ready for giving answer at that time.
There is possibility that in Future, after scrutiny, IT department will issue notice in this regard.
So be ready for giving answer at that time.
Sushant Mahajan
(Querist)
15 October 2013
Thank You sir
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