Tax audit reurn

hi Arindam

there is a penalty of  Rs. 100000.00 if a person required to get  audit u/s 44ab  before due date

in your case if date of audit report is on or before 30th sep,then u can file ROI before 31st MAch without said penalty only with interest u/s 234A,b,C ,

but if date of audit report if after 30th sep. then have to pay penalty

Penalty is applicable when you cross the 31st March Mark for that Particular assessment year..Before 31st March and after 30th September, Interested would be attracted on you provied you have Taxable income and have not paid sufficient advance Tax in the previous Year...As far as i can understand you may file the return by 31st March 2012

At the most Penalty U/s.271F may be imposed by the Assessing Officer. At the time of filing You need not worry about that. Proceeding u/s.271F is independant and initiated separately. You Proceed with filing Return of Income for Both the Assessment Years before 31st March. Otherwise, E-filing for the assessment year 2011-2012 will not be possible unless otherwise You receive a Notice U/s. 142 or 148