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Penalty provs. u/s 44ab

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Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2012 What is the amount of penalty & procedure for same in the case of a person who failed to audit his account u/s 44AB in the F.Y.2009-10, & is now auditing his A/c's of that year in Nov 12??

Thanking You.

Anand Modi

Anand Modi (Expert)
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07 November 2012 0.5% of turnover or Rs. 1,00,000/- which ever is less

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Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2012 What is the procedure for payment of Penalty??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2012 The assessing officer will issue a notice for levying the penalty. Thereafter penalty proceedings shall commence and on completion of the same, penalty order shall be passed.

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