Tax audit report

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This query is : Resolved

Swathi Raju JB (Querist)

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?

JUGAL PATEL

JUGAL PATEL (Expert)

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