Penalty regarding let filling of audited income tax return
This query is : Resolved
18 October 2012
Sir,
can i know wats the penalty for let filling of income tax return of audited case.
can i know wats the penalty for let filling of income tax return of audited case.
18 October 2012
Penalty u/s 271B is 0.5% of turnover/gross receipts or Rs. 1.5 lakhs, whichever is less.
18 October 2012
ok...thanks
18 October 2012
You are welcome. You should use the thanks button to convey your thanks.
18 October 2012
ok sir and i want to know weather it is applicable to all the audited case or only for those which is comes under section 44 AB.
18 October 2012
In case of a company whose turnover does not exceed Rs. 60 lakhs but it is required to get its accounts audited under the Companies Act, penalty will not be applicable.
Section 271B is also not applicable to special audit u/s 142A.
Section 271B is also not applicable to special audit u/s 142A.
18 October 2012
ok and what is the process for the cases which is comes u/s 44ad and 44ae and etc....
18 October 2012
you have said that company whose turnover does not exceeds 60 lakhs penalty is not levied in that audited case than IT return for the same can be filled after 30 th september or not????
18 October 2012
you have said that company whose turnover does not exceeds 60 lakhs penalty is not levied in that audited case than IT return for the same can be filled after 30 th september or not????
21 October 2012
1. As regards Section 44AD and 44AE, if the assessee shows profit less than the prescribed amount, then he is required to get his accounts audited u/s 44AB.
So these cases will fall u/s 44AB and accordingly penalty shall be levied if audit is not done or audit report is not submitted by due date of filing the return.
So these cases will fall u/s 44AB and accordingly penalty shall be levied if audit is not done or audit report is not submitted by due date of filing the return.
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