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not file return

Singh Kamboj (410 Points)

31 October 2018

if the audit case loss return is not file on 31-10-18 then what amount of penalty is imposed.

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RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 31 October 2018

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 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1, 50,000.Sep 22, 2018

Nitesh bind (Student CA Final ) (12692 Points)
Replied 06 November 2018

As per Section 271B, The extent of penalty for failure to get account audited and submit tax audit report is a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs.
1,50,000.

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