Late filling of audit report u/s 44ab

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vaibhav banthia (Querist)
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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

CA. Ronak Kapadia (Expert)
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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.