The Dedline of Tax Audit for automobile dealers falls on the 30th of September in the following year.
Failure to file this report could result in a penalty of 0.5% of the total sales, turnover, or gross receipts, with a maximum cap of Rs. 1,50,000.
It’s important to note that reasonable excuses for non-compliance can exempt the taxpayer from this penalty.
These excuses might include:
- Delays caused by natural disasters or calamities.
- Delays due to ongoing litigation.
- In cases where the tax audit report is submitted after the due date, the taxpayer might also be subject to late fees. As of now, these late fees amount to Rs. 500 per day, up to a maximum of Rs. 10,000.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com