Non audit penalty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2014 Res Sirs,
What was the penalty for not getting accounts audited in FY 2009-10,FY2010-11,FY2011-12 and FY2012-13?

Thanks in advance

Anumanchipalli Sathikonda

Anumanchipalli Sathikonda (Expert)
Follow

06 January 2014 Mr./Ms.XXXXXX

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

Querist : Anonymous (Querist)

06 January 2014 Resp. Sir,
In case the business is that of equity and derivatives trading then? Will it be 0.5 % of the sales receipt?

Thanks in advance