we have filled income tax return of partnership firm having loss for the year 2012-13 above Rs 1000000/- & the turnover less than 60lacs .we have not audited u/s 44 AD.the case has been already taken for scrutiny .what are the implication of not having done audit u/s 44AD whether any penality leviable under any section not doing audit u/s 44AD
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Audit u/s 44ad
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Failure to get the accounts by a Chartered accountant would invite a penalty of
-Half percentage of turnover or
-Rs. 150,000
Whichever is lower u/s 271B.
The ITO has powers to levy the same
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