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.
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