What are the penal provisions for an assessee who has filed his tax audit return 1 year after the completion of the due date, under section 271 B. The assessee has filled the tax audit return for A.Y. 2007-08 & 08-09 on 7th March 2009. Please reply ASAP.
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Penal provisions U/s 271 B
Replies (2)
100000 or 0.5% of the turnover whichever is less.
In case the audit report date is after 30th september of relevant year (due date u/s 44AB) then penalty which Mr. Nitin mentioned will apply. If return filed late but the report date is before 30th september then no penalty attract.
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