Penalty for non-filing of audit report and itr for ay 18-19
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2018
Due to some avoidable circumstances, we could not complete our Tax Audit of AY 2018-19 (Turnover exceeding 3.00 crores). What is minimum/maximum penalty for the same ? Whether penalty would have to be paid before filing ITR ? Whether we can pay the penalty in instakments also ?
25 November 2018
As per Section 271B of the Income Tax Act, penalty for late filing of tax audit report is 0.5% of turnover or Rs. 1.5 lakhs, whichever is less.
The penalty will be levied by the assessing officer. It is not to be paid before filing the return.
The penalty will be levied by the assessing officer. It is not to be paid before filing the return.
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