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Penalty

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(Querist)
06 August 2013 my assesse has given me tax audit 44 ad case of a.y 2012-13 now .what will b the penalty and what will be the best way to show 8% or audit
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 August 2013 1. If the gross receipts exceed Rs. 60 lakhs, then Section 44AB is applicable and audit is mandatory. Section 44AD will NOT be applicable.

2. If the gross receipts are less than Rs. 60 lakhs but client wants to show income less than 8%, then also audit is mandatory.

3. If If the gross receipts are less than Rs. 60 lakhs and client wants to show income more than 8%, then audit is not required.

4. Failure to get accounts audited or submit audit report by due date of filing of return attracts penalty equal to 0.5% of the gross receipts u/s 271B.
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