An assessee, who is liable to audit U/s 44AB, get his accounts audit before the due date (i.e. 30th Sep) but does no file his return before the due date.
Will he be liable to penalty of 0.5% of turnover or Rs. 100000/- whichever is lower. Or he will be charged only U/s 234A.
Thanks
HI PIYUSH, he is liable for charge 234a section. by appliying advance tax formula.
regards,
ayush agrawal
i dont satisfy with above view
bcoz as per information with me since he liable for tax audit he will be penalasied with penalty of rs100000
but plz confirm it
intt u/s 234A is applicable.
and penalty for non-filing of audit report is .5% 0r 100000 whichever is less is also applicable.
HI PIYUSH,
Party is liable for penalty but if he does not prepare the a/c then 44ab penalty not leavible, only not maintain of book of account penalty leviable.
dear sir,
pl.let me know how much penalty of non submission of return of co.
madan sharma
Dear all,
Penalty of lower of 0.5% or Rs.1.00 lakh is leviable in case the assessee does not file the tax audit report (and not return) within the time limit. It is is important to note that this penalty is not mandatory but is discretionery. If circumstances are beyond the control, the assessee can ask for non-levy of penalty.
Section 271B speaks of levy of penalty if either 1) accounts are not audited or 2) report is not filed. I fail to understand how an assessee can file the report of audit without getting his books audited (Issue of report implies that the books are audited). Hence, I believe if the report is not filed, then officer may demand for penalty.
Rgds/Dharmaraju
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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