Urgent Please-Tax Audit AY 2010-2011
This query is : Resolved
27 December 2010
Hello,
We are into trading of NonFerrous and our turnover is 62 Lakhs. But we have not done Tax Audit and Sales Audit. Now I have to submit sales audit before 31st Dec 2010. Can I do tax audit now. Is there any penalty to be paid or any other option pay nominal penalty. Please advice it is very urgent
We are into trading of NonFerrous and our turnover is 62 Lakhs. But we have not done Tax Audit and Sales Audit. Now I have to submit sales audit before 31st Dec 2010. Can I do tax audit now. Is there any penalty to be paid or any other option pay nominal penalty. Please advice it is very urgent
chetan soni
(Expert)
27 December 2010
Per the process of VAT audit you need to submit the Tax audit report along with VAT audit report to sales tax department.
Hence you must need to complete the TAX audit report before vat audit. Penalty for not doing the tax audit on time is1L u/s 271(1)(c) under Income Tax Act (pls. check the updated amount from section details).
Hence you must need to complete the TAX audit report before vat audit. Penalty for not doing the tax audit on time is1L u/s 271(1)(c) under Income Tax Act (pls. check the updated amount from section details).
CA. Anuj Gupta
(Expert)
28 December 2010
please consult a tax auditor of your area.
chetan soni
(Expert)
30 December 2010
A second way for this is do the tax audit & file a application to ITO for condonation of delay to waive the penalty.
Try to solve the matter under the table.
Try to solve the matter under the table.
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