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.

[Surender Gupta]

Penalty is leviable on late submission of audit report despite the fact that the audit report has been obtained before specified date.

AI Summary

Penalty for late filing applies even when the audit report was obtained before the due date. Penalty for late filing of a company's return is leviable where the audit report or return is submitted after the statutory filing date, even if the audit was completed before the specified date; timely completion of audit does not negate liability for late submission.