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Tax audit late filing penalty
tax Audit late filing penalty
Replies (9)
Quick Summary
10000 rupees
10000/- is penalty for late filing of return under 234F
Delay in Tax audit __penalty is under 44AB which is seperate.
Delay in Tax audit __penalty is under 44AB which is seperate.
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. 0.5% of the total sales, turnover or gross receipts
2. Rs 1,50,000
150000 or 1% of turnover which ever is lower
10000 at the time of filing.
0.5% of sales or 150000 w.e. is less at discretion of ITO.
0.5% of sales or 150000 w.e. is less at discretion of ITO.
Whichever is less that is provided in section. What is at the discretion of AO !! Is the penalty discretionary ?? I don't think so.
Penalty isDiscretionary not compulsory .
However late fee of 10000 is compulsory
However late fee of 10000 is compulsory
AO has power to waive 44AB penalty. That clause is there. But usually it's full penalty.
Yes but AO not use this power always.
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