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Audit report 8-10-24 Submit

lukku bille (10 Points)

07 October 2024

AUDIT report 8-10-2024 Submit penalty,?

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (7655 Points)
Replied 07 October 2024

It seems like you're asking about the consequences of submitting an audit report late. In India, the deadline for submitting an audit report is typically September 30th for companies and October 31st for others. If you submit your audit report late, you may be liable for a penalty under Section 271B of the Income Tax Act, 1961. The penalty amount is: - 0.5% of the total turnover/gross receipts per month, subject to a maximum of 25% of the total tax liability. However, if you have a reasonable cause for the delay, you can apply for condonation of delay or seek relief under Section 273B. Additionally, if you have already submitted your audit report but are required to pay a penalty, you can pay it online through the Income Tax department's website or through a authorized bank. Please consult a tax professional or chartered accountant to ensure you comply with the relevant provisions and avoid any additional penalties.

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