banner_ad

Tax audit late filing penalty

291 views 9 replies
User Avatar

164 Points Joined September 2020
tax Audit late filing penalty
0 Reply Share Follow
On 16 January 2021 at 07:06 Report
Replies (9)
User Avatar

Chartered Accountant
24588 Points Joined November 2019
10000 rupees
Reply
On 16 January 2021 at 09:14
User Avatar

17264 Points Joined December 2018
10000/- is penalty for late filing of return under 234F

Delay in Tax audit __penalty is under 44AB which is seperate.
Reply
On 16 January 2021 at 10:23
User Avatar

aaa
729 Points Joined August 2009
If any taxpayer who is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty:
1. 0.5% of the total sales, turnover or gross receipts
2. Rs 1,50,000
1 Reply
On 16 January 2021 at 10:38
User Avatar

Accountant
4533 Points Joined February 2017
150000 or 1% of turnover which ever is lower
Reply
On 16 January 2021 at 11:26
User Avatar

Chartered Accountant
86505 Points Joined April 2011
10000 at the time of filing.

0.5% of sales or 150000 w.e. is less at discretion of ITO.
1 Reply
On 18 January 2021 at 09:17
User Avatar

17264 Points Joined December 2018

Whichever is less that is provided in section.  What is at the discretion of AO !!  Is the penalty discretionary ?? I don't think so. 

Reply
On 18 January 2021 at 10:04
User Avatar

Chartered Accountant
86505 Points Joined April 2011
Penalty isDiscretionary not compulsory .

However late fee of 10000 is compulsory
Reply
On 18 January 2021 at 10:24
User Avatar

17264 Points Joined December 2018

AO has power to waive 44AB penalty. That clause is there. But usually it's full penalty.

Reply
On 18 January 2021 at 10:40
User Avatar

Chartered Accountant
86505 Points Joined April 2011
Yes but AO not use this power always.
Reply
On 18 January 2021 at 11:13

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details