What is the penalty of non filing or late filing of a tax audit report?
I run a business and my turnover is around 5 crore. Due to some critical health issues, I am not able to concentrate on my business and got delayed in filing my tax audit report.
How much penalty is chargeable on non filing or delayed in filing of tax audit report?
Penalty is on non filing or non audit?
Suppose I got the audit done before due date but uploaded on income tax website after due date.
Whether I will be charged penalty or not?
I want to know:
- How much penalty will be charged for late filing of tax audit or non filing of tax audit?
- Penalty is on non filing or not getting tax audit done? I mean though I have tax audit report but CA did not file it.
Tax audit under section 44AB of Income Tax Act, 1961 has to be filed on time.
Non filing is equivalent to non audit.
Penalty for not filing tax audit report is .5% of the turnover and maximum up to Rs. 1,50,000.
JOIN LARGEST DISCUSSION PLATFORM
Sign up to discuss taxation, accounting and finance topics with experts from all over India.
Join Discussion
