Urgent! tax audit late filing
raji.s (audit assisstant) (123 Points)
21 September 2019
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 21 September 2019
Kapadia Pravin
(17259 Points)
Replied 21 September 2019
raji.s
(audit assisstant)
(123 Points)
Replied 21 September 2019
Kapadia Pravin
(17259 Points)
Replied 21 September 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 21 September 2019
1. Penalty u/s 271B is payable if the tax audit report is not filed within the due date. The penalty would be 0.5% of the T.O or gross receipts or Rs. 1.5 lakhs, whichever is lower.
2. However, sec 273B waives such penalty if reasonable cause is shown for not filing the ROI on time.
Please correct me if the above solution has an alternative view.
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