Audited return not efille before 30-09-2011

KARAMJIT SINGH (Querist) 07 February 2012 This query is : Resolved
I had efiled a tax audit return on 03-02-2012. the date of tax audit is 28-09-2011. Is any penalty should be entertain for non e-filling the return before 30-09-2011

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A V Vishal (Expert) 07 February 2012
Yes there is a penalty of 0.5% of the turnover or Rs.1.00 lakh, which ever is lower for delayed filing or non filing of tax audit report u/s.44AB of the Income Tax Act,1961.

B.Chakrapani Warrier (Expert) 08 February 2012
Please read the article in http://www.lawyersclubindia.com/forum/PENALTY-U-S-271B-24983.asp
Courtesy:- Advocate Amit Bajaj.

Sadashiv Rupchand Gaikwad (Expert) 10 February 2012
Yes it is correct.

KARAMJIT SINGH (Querist) 10 February 2012
MR. GAIKWAD JI WHAT IS CORRECT IS ANY PENALTY SHOULD ENTERTAIN AS MR A V VISHAL SAYS OR NO PENALTY AS THE INCOME TAX CIRCULAR 5/2007 SAYS. PLEASE EXPLAIN

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Audited return not efille before 30-09-2011

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