If any person falls under the section & fails to get audited of his account before the due date, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1, 50,000.
CBDT extends the due date for filing of ITRs/ Tax Audit Reports to 30th November, 2019 for all categories of assessees in UTs of J&K and Ladakh, who were required to file ITRs/TARs within the due dt specified u/s 139(1) of IT Act,1961. Order u/s 119 issued on 31.10.2019
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