IF AN ASSESSEE GOT AUDITED HIS BOOKS OF ACCOUNTS AUDITED U/S. 44AB ON 23TH SEPT. BUT FAILS TO FILE A RETURN OF INCOME WITHIN DUE DATE (i. e. 30-09-2009) WHETHER ANY PENALTY FOR NON SUMISSION OF AUDIT REPORT CAN BE LEVIED ON THE ASSESSEE OTHER THAN INTEREST.
penalty is .5% of turnover or 1lac which ever is lower.
In these days of e-filing, there is no necessity to file the tax audit report manually. The only report required to be filed manually is the report u/s 92E [arm's lengh transactions]. But if the Department finds that you have not had your accounts audited, then the penalty is one lac or one half percent of your TO.
T R SOOD & CO
New Delhi
CA Inter
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SSGS and Associates
Chennai
CA Inter
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SMJ global advisors pvt ltd
New Delhi
B.Com
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CAclubindia
