Penalties for Late Filing of Statutory Audit
Yes, there are penalties for late filing of statutory audit. The penalty depends on the amount of turnover of the entity.
If the turnover is less than Rs. 50 crores, the penalty is 0.5% of the turnover, up to a maximum of Rs. 1,50,000.
If the turnover is more than Rs. 50 crores, the penalty is 1% of the turnover, up to a maximum of Rs. 5,00,000.
The penalty is also subject to an additional penalty of Rs. 100 per day for each day of delay, up to a maximum of Rs. 1,00,000.
There are some exceptions to the penalty for late filing of statutory audit. For example, the penalty will not be levied if the delay is due to a reasonable cause, such as the death of the auditor or a natural calamity.
It is important to note that the penalty for late filing of statutory audit is in addition to any other penalties that may be imposed by the tax authorities.
Here are some of the things to keep in mind to avoid penaltie for late filing of statutory audit:
Appoint a qualified auditor in time.
Submit all the necessary documents to the auditor in time.
Coordinate with the auditor to ensure that the audit is completed on time.
File the audit report with the concerned authorities on time.
For further details access our website: https://vibrantfinserv.com
To visit: https://www.incometax.gov.in
