Penalty u/s 271B
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2010
If the company applicable to statutory audit under companies act & the company submitted its provisional return & also tax audit report u/s 44AB within the stipulated time provided u/s 139(1) & then afterwards revise its return after finalising its financial statement on the basis of C & AG. Will penalty u/s 271B be leavied on the basis that how can tax audit be done before finalising the books of accounts.
12 December 2010
No tax audit report is generally issued untill the financial statement are prepared, signed and adopted by the managment of the company. Thus the responsibilty for preparation of accounts is upon the management.
Further, if the tax auditor is of the opinion that the financial statements have any material misstatement, he may issue a qualified or disclaimer report in form 3CA and other particulars as per form 3CD.
Even if the tax auditor issues a qualified or disclaimer report, even then the provisions of section 44AB are complied with. and hence no penalty is leviable u/s 271B.
Further, if the tax auditor is of the opinion that the financial statements have any material misstatement, he may issue a qualified or disclaimer report in form 3CA and other particulars as per form 3CD.
Even if the tax auditor issues a qualified or disclaimer report, even then the provisions of section 44AB are complied with. and hence no penalty is leviable u/s 271B.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Capital gain on sale and purchase of plot
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Non-Compliance documents have not been submitted by the contractors debited
- TDS Return Q1 FY 2026-27
- 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
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
