1.5 lakh penalty after 4 days left for IT audit One and a half lakh penalty will be charged after only 4 days left for IT audit

SuratAn hour ago

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  • Penalty of half of the turnover
  • About 20 percent of the audits have not yet taken place: ca

Audit season is going on in income tax department and most of the CAs. Presently submitting reports in festivals. The system is running smoothly amid a few shouts, but about 20 percent of the audits have not yet been done, CA said. Giving formulas. If the report is not submitted within four days, the taxpayers will face a penalty of one and a half lakhs or half percent of the turnover, whichever is less. Hence every ca. At present, they are completing the audit work by revealing it at night. A CA said that during the festive season, taxpayers are delaying in providing papers and documents as soon as requested.

A state of exposure amid the festive season

In IT, if the audit report is not uploaded on time, one and a half lakh as well as half a percent of the turnover has to be fined. The lesser of the two has to be filled. > Niraj Bajaj, C.A.

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