Tax audit
This query is : Resolved
Prashant gupta
(Querist)
21 September 2015
what would be consequences if tax audit doesn't file before due date
CA G. SURYANARAYANAN
(Expert)
22 September 2015
271B. Failure to get accounts audited.- 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 the profession or a sum of Rupees one hundred and fifty thousand rupees whichever is less.
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