Late filling of audit report u/s 44ab
This query is : Resolved
vaibhav banthia
(Querist)
24 December 2014
Dear sir We haven't filed Audit Report of a Pvt. ltd. company on due date i.e 30-11-2014 .I want to ask that is there any Remedy available for escaping from the penalty u/s 271B
CA. Ronak Kapadia
(Expert)
24 December 2014
Hello,
Firstly you should be aware of the fact that you need to file audit report with Income Tax department as well as Registrar of companies. So if you havent filed it yet, you also need to file audit report there also.
Secondly even if you try you will not be able to upload audit report online, under such situation you should write to Income tax department as to why you were not able to file audit report with Income tax department if they find your reasons justifies they may not impose provisions of Sec. 271B of Income Tax Act, 1961 ..
There are judgements of Hon. High Court also that where there are justifiable reasons for condonation of delay sec. 271B may not be imposed.
However you must consult your consultant and than as per his/her advice you should go ahead and file audit report as soon as possible.
Hope you find above information useful.
Firstly you should be aware of the fact that you need to file audit report with Income Tax department as well as Registrar of companies. So if you havent filed it yet, you also need to file audit report there also.
Secondly even if you try you will not be able to upload audit report online, under such situation you should write to Income tax department as to why you were not able to file audit report with Income tax department if they find your reasons justifies they may not impose provisions of Sec. 271B of Income Tax Act, 1961 ..
There are judgements of Hon. High Court also that where there are justifiable reasons for condonation of delay sec. 271B may not be imposed.
However you must consult your consultant and than as per his/her advice you should go ahead and file audit report as soon as possible.
Hope you find above information useful.
Rupesh Jain
(Expert)
24 December 2014
if your reason for non filing is non reasonable then you have to pay the penality
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
