panelty on late audited return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 January 2011 Sir tell me taht what will the penalty amount can imposed on me if i recd audit report on 25/09/2010 for financial year 2009-2010 but the return of income was sumited online on 25/01/2011. My turnover was 80 lack rupees.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 January 2011 The circular no 5 dated 26-07-2007 states the following:-

" The report of audit under section 44AB is not to be attached with the return. It should not be furnished separately also before or after the due date. However, an assessee should get the report of audit from an accountant under said section before the due date of the furnishing of the return and should fill out the relevant columns of these forms on the basis of such report. The assessee should retain the report with himself. It may be furnished in original during the assessment proceedings. No penalty under section 271B shall be initiated or levied for not furnishing the tax audit report on or before the due date. However, if the audit report has not been obtained before the due date, provisions of section 271B shall be attracted. "

Guest

Guest (Expert)

28 January 2011 Mr Warrier is very much correct but one will have to prove that report was obtained timely if required to prove.

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