tax audit

This query is : Resolved

kaushal vijaywargiya (Querist)
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13 August 2010 Sir
if i do not submitted my tax audit report and return before 30th sep . in this case how much penalty will charge by income tax department.may i submite my tax audit report and return after 30 th sep without any penalty

kaushal

CA Sanat Pyne

CA Sanat Pyne (Expert)
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13 August 2010 1/2 % OF TURNOVER OR RS. 100000 WHICHEVER IS LOWER FOR TAX AUDIT.

RS. 5000 FOR NON FILING OF RETURN.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 August 2010 You may submit the return and report without paying penalty. Penalty need to be paid only after receiving proposal followed by order.

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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13 August 2010 With the Finance Act 2010 the limit of penalty u/s 271B has been enhanced from 1,00,000 to 1,50,000 from 01-04-2011 i.e. from A.Y. 2011-12 onwards. However, for the current A.Y. 2010-11 penalty will be resticted to 1,00,000 as mentioned by Mr. Sanat Pyne

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