Query regarding Income tax audit

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  1. Kartheek

    Kartheek New Member

    What is the difference between Date of Audit report and date of furnishing audit report?What are the consequences if we filed incometax return with out accepting audit report?
     
  2. Raunak Gupta

    Raunak Gupta New Member

    Date of Audit Report is the date on which Audit Report was completed and signed by the CA. While the date of furnishing the Audit Report is the date on which such report is filed online with the Income Tax Department.

    There is a heavy penalty for non filing of Tax Audit Report. As per section 271B, penalty is 1/2% of Turnover/gross receipts during the previous year, subject to a maximum of Rs1,50,000.
     
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