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Penalty

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28 June 2017 sir i have whole sale shop of cloths and my turn over almost 7 cr. i does complete audit every year. but sir if i don'T audit of f.y 2016-17 than what is penalty for no audit...
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
28 June 2017 If any person who falls under these consideration fails to get his audit done before the date which is specified, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1,50,000.
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