Due Date Tax Audit, Here are the late filing penalties and deadlines for tax audit reports applicable to Real Estate Agents:
Penalty:
1. If the tax audit report is not filed on or before the due date, a penalty of 0.5% of the total sales, turnover, or gross receipts of the previous year will be levied. The maximum penalty is Rs.150,000.
2. If the tax audit report is filed after the deadline but before the end of the assessment year, a penalty of Rs.1,000 will be levied.
3. If the tax audit report is filed after the end of the assessment year, a penalty of Rs.5,000 will be levied.
Due date:
1. The due date tax report for Real Estate Agents is 30th September of the subsequent year.
2. For example, the deadline for filing the tax audit report for the financial year 2022-23 is 30th September 2023.
For more information visit this site: https://www.incometax.gov.in
Here are some of the exceptions to the tax audit requirement for Real Estate Agents:
1. If the total sales, turnover, or gross receipts of the previous year do not exceed Rs.25 lakhs.
2. If the Real Estate Agent is a sole proprietor and does not have any employees.
3. If the Real Estate Agent is a partnership firm and does not have more than 20 partners.