Penalty for non filing audit report

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2014 I have obtained my audit report from CA within due date. 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.

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2014 But where one can deposit his audit report for A.Y. 2012-13? That year, there was not any provision for online furnishing of audit report. And Income-tax Offices also were not accepting Audit Report in physical form.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 March 2014 but the provisions for furnishing of audit report are very much there..it has to be done in physical form for earlier years. I have never heard that AO has not accepted the audit report in physical form

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2014 Please just tell me where and in which rule, it has been mentioned that the Audit Reports for A.Y. 2011-12 & A.Y. 2012-13 were to be deposited in Income-tax Offices in physical form. Please go thruough my this question in continuation of my earlier questions as said above.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 March 2014 please refer 44AB..isnt it natural that the report is to be furnished in physical form! I believe it is so.

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