Tax Audit

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Shahid (Querist)
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26 November 2009 Respected Sirs,
I have a query regarding Tax audit:

"A client whose total turnover is Rs.89 lacs in PY and get his account audited with a Chartered Account, but he not file the return/report till now. Is he liable to paid penalty u/s 271B?"

Please suggest.

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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26 November 2009 Yes penalty can be imposed by Assessing Officer if Audit Report has not been furnished as required u/S 44AB.

Shahid

Shahid (Querist)
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26 November 2009 Thanks a lot, But one more thing that "he audited the account on 23rd September 2009,and maintained proper books of account, the only thing is that he nor furnished the return timely"

RAJESH SHUKLA

RAJESH SHUKLA (Expert)
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26 November 2009 the penalty of non filing of tax audit report is 1 lac

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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26 November 2009 agree

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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26 November 2009 YES

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