Penalty for non-submission of audit report.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2014
I audited my books of accounts for A.Y. 2012-13 in Sep, 2012. My turnover was Rs. 3.25 crores and net profit was 1.75 lakhs. I did not file my return of income as my income was below taxable limit. I also not submitted copy of audit report anywhere in any office. Is any penalty provision which can be initiated against me? If yes, what amount of penalty and under which section?
03 March 2014
yes. please refer section 271B.
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