Delay in uplaod of audited financials
My father has first time audit of his shop. Auditor has not uplaoded audited financials for which he has given reason that the site was slow and he could not. What to do? Even yet he has not filed. I dont know why? Margin is less and proft is nearby 4 to 5 percent. He is informing now to pay penalaty or to show 8 percentge profit. Both is not possible. I dont know more about IT. Guide please.
Replies (1)
On what basis he was asking you to pay the penalty as there is no provision in IT if the Profit rate is less than 8 then you need to pay penalty.....
Please let me know the turnover of the businees... If it is more than 1 Crore then tax audit is applicable otherwise not....
Please follow the link...
https://www.charteredclub.com/tax-audit/
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