Tax audit report
This query is : Resolved
21 January 2015
Can we file tax audit report for the FY 2013-14? What are the implications sice we are filing it after due date? Is there any additional procedure,since we are filing it after due date?
21 January 2015
As this is the contravention of section 44AB then penalty will attract i.e.
Penalty for Non Compliance of Section 44AB
Non Compliance of the provisions of this act shall attract Penalty under section 271B of the Income Tax Act. If
any person required to get his audit done under section 44AB fails to do so before the specified date shall be
liable for penalty of ½% of the turnover/gross receipts subject to a maximum penalty of Rs. 1,50,000
However, Section 273B states that no penalty shall be levied under section 271B if there is a reasonable cause
for such failure. Some instances which have been accepted by the Tribunals/Courts as “Reasonable Cause” are:1.
Resignation of the Tax Auditor and Consequent Delay
2. Death or physical inability of the partner in charge of the Accounts
3. Labour Problems such as strikes, lockouts
for a long period
4. Loss of Accounts because of Fire/Theft etc. beyond the control of the Assessee
5. Natural Calamities
Penalty for Non Compliance of Section 44AB
Non Compliance of the provisions of this act shall attract Penalty under section 271B of the Income Tax Act. If
any person required to get his audit done under section 44AB fails to do so before the specified date shall be
liable for penalty of ½% of the turnover/gross receipts subject to a maximum penalty of Rs. 1,50,000
However, Section 273B states that no penalty shall be levied under section 271B if there is a reasonable cause
for such failure. Some instances which have been accepted by the Tribunals/Courts as “Reasonable Cause” are:1.
Resignation of the Tax Auditor and Consequent Delay
2. Death or physical inability of the partner in charge of the Accounts
3. Labour Problems such as strikes, lockouts
for a long period
4. Loss of Accounts because of Fire/Theft etc. beyond the control of the Assessee
5. Natural Calamities
22 January 2015
it is right explain by Mr jugal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- GST Rate for Catering Services
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
