Penalty for late filing of return

[Manoj Kumar]

If the return of a company whoes accounts are required to be audited are filed late but the books are audited in time whetner any penalty for late filling is leviable.

AI Summary

Penalty Applies for Late Submission of Audit Report Despite Timely Account Audits; Clarification Provided on Filing Deadlines. A query was raised regarding whether a penalty applies if a company files its return late despite having its accounts audited on time. The response clarified that a penalty is indeed applicable for the late submission of the audit report, even if the audit report was obtained before the specified deadline.