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Penalties for Tax audit

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consultant
24 Points Posted on 01 November 2019
If audit report is filed in few hours after audit due date( ie midnight of 31st Oct), is penalty is levied by the income tax officer (practically) ?
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On 01 November 2019 at 08:49 Report
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12 Points Posted on 01 November 2019
Yes it will be levied @ .5% under section 271B
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On 01 November 2019 at 12:02
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"Do the Right Thing...!!!"
128152 Points Posted on 01 November 2019
Yes... Penalty is applicable...
But Practically I dont hear the same by ITD in my surroundings...😂😂😇😇😇
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On 01 November 2019 at 15:19
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In Practice
1951 Points Posted on 01 November 2019

If you can give genuine reasons for inability to file audit report within the due date, then there are few judgements in which penalty have been waived off. 

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On 01 November 2019 at 22:34
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12 Points Posted on 05 November 2019

Agree with CA Parth Shah..

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On 05 November 2019 at 10:40


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