V. NAVEEN KUMAR SICASA 17 September 2020
My friend running a business and having a Turnover of 1.8 cr in the FY 2018-19. While filing ITR he mentioned "NO" in the Tax Audit field in the ITR and also he didn't filed Tax Audit report. Now he received a notice from depart to disclose the Tax Audit details.
Now what are the consequences he has to face and how to get rid of this issue.
Please help me my dear professional friends
Rohit Gaur 18 September 2020
If you have not audited your books of account or failed to furnish audit report i.e. not complying with 44ab of IT Act. for it penalty u/s 271b will be levied, which is 1/2% of turnover or 150000, whichever is lower.
Sagar Patel (Tax and Business Consultant) 18 September 2020
If your Turnover is 1.8 Cr in F.Y 2018-19 than Generally you are required to get your books of Account audited under 44AB of Income tax Act, 1961.
If any person falls under the section & fails to get audited of his account before the due date, then they will be liable for a penalty of 0.5% of the turnover or the gross receipts up to a maximum penalty of Rs. 1, 50,000.
Last date to revised return of F.Y 2018-19 is 30th September, 2020
Before filing revised return or doing tax audit first consult your CA, that there was any reason for not doing Audit or selecting"NO" in ITR..&than only proceed further.