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Failed to file Tax Audit report


V. NAVEEN KUMAR SICASA   17 September 2020

V. NAVEEN KUMAR SICASA

 16 likes  182 points

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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

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avater

Ajnas (Student)     17 September 2020

Ajnas
Student 
 15 likes  258 points

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I think itr should be reversed and tax audit must do

avater

Raj C Doshi (Practising CA)     18 September 2020

Raj C Doshi
Practising CA 
 290 likes  4116 points

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Get advice from a CA as he would check whether liable for audit or no. And any other suitable way.

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Rohit Gaur   18 September 2020

Rohit Gaur

 3 likes  47 points

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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.

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Sagar Patel (Tax and Business Consultant)     18 September 2020

Sagar Patel
Tax and Business Consultant 
 995 likes  11141 points

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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.

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V. NAVEEN KUMAR SICASA   19 September 2020

V. NAVEEN KUMAR SICASA

 16 likes  182 points

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Thank you all for your valuable suggestions.

avater

Sagar Patel (Tax and Business Consultant)     20 September 2020

Sagar Patel
Tax and Business Consultant 
 995 likes  11141 points

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Most welcome............


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