I have not maintained any books of account.
and I have also not done audit under Income tax act.
I am liable for maintaining books of account and also for tax audit.
what is the safer side for me.
Menu
Which penalty will levied???
Replies (16)
Quick Summary
Penalty under section 271A may attract
For non maintenance of books penalty under section 217A as per 44AA a maximum of 25000
for not audited then penalty as per 44AB under section 217B maximum of rs 150000
but if you give valid reason for why you unable to do so then no penalty will be there
for not audited then penalty as per 44AB under section 217B maximum of rs 150000
but if you give valid reason for why you unable to do so then no penalty will be there
271a penalty max.upto 25000 for books
271b , .50% of turnover or 150000 lower
271b , .50% of turnover or 150000 lower
It is advisable to prepare you book and get it audited soon. Why to wait for penalty
Safer side is to maintain book of account and also get it audited if audit provisions apply.
@ ayusmita Excuse me ma'am there is only one penalty because if there non maintenance of books of accounts where comes the audit of them. so only 25000/- will be your penalty. read related case law. thanks
Whole penalty u/s 271 will attract
Please take care in citing proper and correct Section of the Act.
As per the supreme court judgement if you do not maintain books of account the penalty can be levied only for not maintenance of books account and not for tax audit.
this is one of the awesome loophole, for if you do not get audited, take penalty of not maintenance of books of account instead of tax audit penalty
this is one of the awesome loophole, for if you do not get audited, take penalty of not maintenance of books of account instead of tax audit penalty
first off all pls. be clear- how much ur turnover & ur income ?
Can you share the case study of one penalty where's incase someone failed to maintain books of accounts and audit at same time
I think both will exist Under 271A and 271B .
Non-maintenance of accounts and for failure to provide books of accounts for audit.
The Department may order for books of account and further for audit.
Non-maintenance of accounts and for failure to provide books of accounts for audit.
The Department may order for books of account and further for audit.
Deptt. will first issue Notice u/s 148 and after that they would raise Penalty for non audit.
Thank you all
Recent Topics :
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
Related Topics :
CAclubindia
