Penalty for non filing audit report

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Amarendra (Querist)
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09 March 2014 I have obtained my audit report from CA. My turnover was above Rs. 1crore but net income is below taxable limit for ay 2012-13. I could not file my return of income as it was below taxable limit. Is penalty u/s 271B levible in my case for non furnishing audit report?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 March 2014 well yes penalty can be levied...your income is not a relevant factor here...once your turnover is in excess of 44AB limit, furnishing audit report is compulsory.

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