Penalty u/s 271b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2015
Dear experts
if i have obtained the audit report after the due date, however the audit was conduct for having net profit below 8%, plz guide me weather penalty will attract u/s 271b in this cases or not......
regard
Nitin
if i have obtained the audit report after the due date, however the audit was conduct for having net profit below 8%, plz guide me weather penalty will attract u/s 271b in this cases or not......
regard
Nitin
05 October 2015
For levy of penalty, your profit is irrelevant. Penalty can be levied for late audit (Saraswathi Electronics (2007) 292 ITR 411]. However, the penalty is not mandatory. If you have sufficient reason to explain delay, penalty may not be levied.
05 October 2015
Penalty can be levied because filing of report also
get delayed leading to violation of section 44AB(d) r. a. w 44AD(5).
get delayed leading to violation of section 44AB(d) r. a. w 44AD(5).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- FTS Taxable under 115A
- Experts need help
- EPF FULL & FINAL RULES IN 2026
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Condonation . E-Verification of last year return .
- Rental income gst and it purpose
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
