Late filing of roi.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2014 I have e-filed my return of income for A.Y. 2012-13 after the due date i.e. in March, 2013. I had a taxable income of Rs. 3.06 lacs and having turnover of Rs. 3.05 crores,iIt was audited by a CA. Audit Report was not submitted earlier as there was not any provision for submission of Audit Report in physical form in IT offices. Is penalty u/s 271B liable for not furnishing the Audit Report before the due date of filing of return u/s 139(i)? Please reply with a little seriousness.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 March 2014 the penalty under 271B is for not procuring the audit report on or before the due date under 139(1). as long as the audit report is signed on or before the due date, no penalty can be levied. you can submit the audit report to the department even after the due date under 139(1), let say even today.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 March 2014 please refer Point 6 of the CBDT circular 5/2007 dated 26/07/2007

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