return not filed within due date

[kinjal goyal]

IF AN INDIVIDUAL LIABLE FOR AUDIT UNDER SECTION 44AB DOES NOT FILES RETURNS WITHIN THE PRESCRIBED TIME LIMIT i.e. 30THY SEPTEMBER WHAT CAN BE THE CONSEQUENCES?? HE WILL BE LIABLE FOR PENALTY OR HE CAN FILE RETURN IN SEC 139(4)? PLEASE EXPLAIN IN DETAIL ALON WITH SECTION CLARIFICATION

[CAGOPALJI AGRAWAL]

Since filing of Tax Audit Report is not required in e filing hence penalty u/s 271B can not be levied provided the accounts are get audited before the due date.

AI Summary

Tax audit filing obligations: late e-filing of return does not attract penalty if audit completed before due date. If accounts are audited before the due date and the tax audit report is not separately required in the e-filing process, a penalty under Section 271B cannot be levied solely for non-filing of the audit report via e-filing.