Sec 44 ab & 271 b

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CA.S.KARTHIKEYAN

CA.S.KARTHIKEYAN (Querist)
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03 March 2012 filing return of income after 30th September but audit report & tax has been paid before 30 th September will attract penalty 271 B or only 234 A interest only raises ..

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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03 March 2012 As per section 44AB Tax audit should be made before 30th September and the Tax audit report should be File With in such date. But income tax return can be file after due date with interest on payment of self-assessment tax. But now changed the forms into ITRs which includes Tax audit information also i.e Tax audit report should be file along with Income tax return. If we not filed the Income tax return with in due date then Tax audit report also not filed with in due date. So section 271B penalty attracts. However depending on the facts to delay in filling ITO may give the exemption to 271B penalty if he satisfied with the reason and feels reasonable.
OM SAI SRI SAI JAI JAI SAI

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 March 2012 No penalty as per the article of Advocate Amit Bajaj given in the following link
http://taxguru.in/income-tax/no-penalty-us-271b-if-the-audit-report-is-obtained-within-the-due-date-but-return-is-filed-after-the-due-date.html

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