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
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.
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