Consequences of filing revised i. tax audit report

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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.

Ajay Mishra

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.

Sushant Mahajan

Sushant Mahajan (Querist)

15 October 2013 Sir i am talking about audit report not return.

Ajay Mishra

Ajay Mishra (Expert)

15 October 2013 Audit report includes in return, there is no specific provision for this.

Sushant Mahajan

Sushant Mahajan (Querist)

15 October 2013 Sir i am talking about audit report and not return.

Sushant Mahajan

Sushant Mahajan (Querist)

15 October 2013 Sir, i have confirmed info that audit report can be revised but don't know whether it has some consequences.

Ajay Mishra

Ajay Mishra (Expert)

15 October 2013 Generally consequences is not specified for this. It will arise in future when Income Tax Department raise the questions thereon and demand the justification for revised filing.

So you should prepared for future response. Income Tax has not prohibited fro revised filing.

Sushant Mahajan

Sushant Mahajan (Querist)

15 October 2013 Thank You sir

Ajay Mishra

Ajay Mishra (Expert)

15 October 2013 My Pleasure............

Sushant Mahajan

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

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.

Sushant Mahajan

Sushant Mahajan (Querist)

15 October 2013 Thank You sir

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