Penalty

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Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2011 SIR,
1)WHAT ARE THE PENALTY IF AUDIT WAS NOT DONE ON TIME.
AND
2)ALSO FOR IF AUDIT ON TIME AND RETURN NOT FILED ON TIME.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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18 September 2011 For audit not done or audit report not filled on time penalty is 5% on Gross turnover maximum of one lac rupees.
Due to the introduction of ITRs filling of audit report on time and non filling of income tax return question doesn't arise because tax audit return submission included in the ITR form. In case any chance like to your question(at the time of SARAL this type of procedure is possible) then no penalty would be livable.
OM SAI SRI SAI JAI JAI SAI

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