Non audit penalty
Querist : Anonymous
What was the penalty for not getting accounts audited in FY 2009-10,FY2010-11,FY2011-12 and FY2012-13?
Thanks in advance
The penalty u/s 271B of Income-tax Act, 1961 for failure to furnish audit report as required u/s 44AB for the following assessment years is as under:
AY 2009-10
Rs.1,00,000/- or one half percent of the total sales or gross receipts whichever amount is less.
AY 2010-11
same as in the assessment year 2009-10.
AY 2011-12
Rs.1,50,000/- or one half percent of the total sales or gross receipts whichever amount is less.
AY 2012-13
Same as in the assessment year 2011-12
Best Wishes
SathikondaA
Querist : Anonymous
In case the business is that of equity and derivatives trading then? Will it be 0.5 % of the sales receipt?
Thanks in advance
Click here to login now
Similar Resolved Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
