No Penalty for Late Tax Audit Report: Proof of Submission to Assessing Officer Satisfies Section 271B Requirements.

No Penalty for Late Tax Audit Report: Proof of Submission to Assessing Officer Satisfies Section 271B Requirements. https://www.taxtmi.com/highlights?id=71820 Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or furnish the report of audit as required u/s 44AB of the Act. There is no requirement either to file or supply at the time of filing of return of income. The only requirement is to get accounts audited. - Assessee had filed the proof of furnishing the audit report before AO - No penalty - AT en-us Mon, 04 Sep 2023 08:26:55 +0530 Tue, 05 Sep 2023 13:09:19 +0530 TaxTMI RSS Generator No Penalty for Late Tax Audit Report: Proof of Submission to Assessing Officer Satisfies Section 271B Requirements. https://www.taxtmi.com/highlights?id=71820 Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or furnish the report of audit as required u/s 44AB of the Act. There is no requirement either to file or supply at the time of filing of return of income. The only requirement is to get accounts audited. - Assessee had filed the proof of furnishing the audit report before AO - No penalty - AT Highlights Income Tax Mon, 04 Sep 2023 08:26:55 +0530 https://www.taxtmi.com/highlights?id=71820