Audit Filing Penalties
Audit Filing Penalties Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000.
The due date for filing the statutory audit report is 30th September of the financial year following the year in which the audit is conducted.
For example, the due date for filing the statutory audit report for the financial year 2022-23 is 30th September 2023.
However, there are some exceptions to this penalty. The penalty will not be levied if the delay in filing the report is due to a bona fide reason, such as:
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The death or illness of the auditor
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Natural calamities
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Strikes or lockouts
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Delay in obtaining the necessary documents from the client
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If the penalty is levied, it can be challenged in the appellate authorities.
To visit: https://www.incometax.gov.in
For further details access our website: https://vibrantfinserv.com