Penalty u/s 271 b for against pvt ltd. company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2015
I had a Pvt. Ltd.Company with the sales of 84 Lac. Can I File the Income Tax Return after 30/09/2015. Is their any penalty for Tax Audit Lying towards me or Not. Whether Pvt. Ltd. Company's Income Lying in Section 44 AB Clause (D)or it is only applicable for Individual / Firms
.
.
Amol S Joglekar
(Expert)
26 September 2015
Failure to get accounts audited.
section 271B. If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred fifty thousand rupees, whichever is less.
section 271B. If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred fifty thousand rupees, whichever is less.
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