Penalty
This query is : Resolved
sahil mahajan
(Querist)
01 October 2012
What will be the penalty of filling of audit return after 30 sept.
Amol S Joglekar
(Expert)
01 October 2012
0.5% of sales or 150000 whichever is less.
sahil mahajan
(Querist)
01 October 2012
Can we file belated return of audit return
Amol S Joglekar
(Expert)
02 October 2012
Yes, you may file. (Normally what people do is file a return before the due date and in due course REVISE the same.)
sahil mahajan
(Querist)
02 October 2012
Sir,then in which case 0.5% of sale or 150000 of penalty levies if we can file belated return.
Prakash Kochar
(Expert)
03 October 2012
If audit return is obtained before due dt. under sect. 44AB and return is submitted till 31st March of end of Asst. year no penalty attracts, only liable to interest u/s. 234A/B/C as may be applicable.
If return is submitted within 1 year from end of Asst. Year penalty attracts u/s. 271F.
Penalty @0.5% or Rs. 150000/- which ever is less attracts u/s. 271B, if the accounts are not audited as per sect. 44AB, in prescribed time.
If return is submitted within 1 year from end of Asst. Year penalty attracts u/s. 271F.
Penalty @0.5% or Rs. 150000/- which ever is less attracts u/s. 271B, if the accounts are not audited as per sect. 44AB, in prescribed time.
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