Tax audit

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AJITKUMAR PATEL

AJITKUMAR PATEL (Querist)

27 December 2013 is tax audit report upload after due date what is the penalty and other matters take in to account.

CA Pallav Singhania

CA Pallav Singhania (Expert)

28 December 2013 Now you file the return wherein interest under section 234A will be applicable (if tax is payable)

Further the penalty for late filing that is Rs. 5000 is applicable

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

03 October 2021 If any taxpayer who is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty:

0.5% of the total sales, turnover or gross receipts
Rs 1,50,000

However, if there is a reasonable cause of such failure, no penalty shall be levied under section 271B.

So far, the reasonable causes that are accepted by Tribunals/Courts are:

Natural Calamities
Resignation of the Tax Auditor and Consequent Delay
Labour problems such as strikes, lock-outs for an extended period
Loss of Accounts because of situations beyond the control of the Assesses
Physical inability or death of the partner in charge of the accounts.

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