Income tax audit

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Iqbal Singh Grover (Querist)
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15 March 2012 A person having sales of Rs.20 Lacs has a loss of Rs.2 Lacs for the AY 11-12..

He can either show a profit of Rs.1.6 Lacs (8% of 20 Lacs)or get his accounts audited and claim the actual loss.. This loss will be set off against other business incomes he has.. His net income after set off of this loss will be Rs.3 Lacs..

Query :
For AY 11-12, can this person file the return today.. This will be a belated return.. Will it attract any fines/penalties ??
If yes, then how much ??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 March 2012 If you file the return on or before 31.03.2012 then there will be no penalty.

You can alos file the return AFTER 31.3.2012 but BEFORE 31.3.2013. However, in this case, penalty of Rs. 5,000/- may be levied.

Iqbal Singh Grover

Iqbal Singh Grover (Querist)
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15 March 2012 Thank you sir..
Could you please provide me some case law/ board circular/ bare act text to support your views..
I'm planning to file the return before 31.03.2012..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2012 Section 271F provides for penalty for delayed filing of income tax return.

Iqbal Singh Grover

Iqbal Singh Grover (Querist)
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21 March 2012 Wouldnt there be any penalty for late filing of an audit return ?
.5% of sales is the amount of penalty I think..

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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31 July 2024 Penalties for Late Filing:
Section 234F Penalty: Up to ₹10,000 depending on how late the return is filed.
Section 271B Penalty: If audit requirements are applicable and not met, up to ₹10,000 or 0.5% of the turnover (whichever is lower).
Audit Penalty: If audit is required and not done, a penalty under Section 271B may be imposed. However, if audit is not mandatory for the turnover, this penalty may not apply.

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