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
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