If the audited income tax return to be submitted for the financial year 2022-2023 cannot be filed before 31-10-2023, an explanation should be given as to the methods for filing it later
Penalty of non-filing or delay in filing tax audit report
If any taxpayer is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty: 0.5% of the total sales, turnover or gross receipts. Rs 1,50,000
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