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Consequences of late file of Audit tax return
In case if we file late Tax Audit Tax return after due date then what consequences raising or what amount of late fees laived ?
Replies (3)
Rs 25 Lakh in any previous Year.
If any person who falls under these consideration fails to get his audit done before the date which is specified, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1,50,000.
Non-Compliance with the provisions of the above act shall attract Penalty under section 271B of the Income Tax Act.
However, the penalty shall be relaxed if there is a reasonable cause for such failure, as per Section 273B
If any person who falls under these consideration fails to get his audit done before the date which is specified, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1,50,000.
Non-Compliance with the provisions of the above act shall attract Penalty under section 271B of the Income Tax Act.
However, the penalty shall be relaxed if there is a reasonable cause for such failure, as per Section 273B
Penalty will be 0.5% of Turnover or 1.5L whichever is lower
Date extended upto 07 November.
Confirmed on twitter.
Confirmed on twitter.
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