Penalty for Not Filing of Tax Audit
Yes, there is a penalty for not filing of tax audit report for a chemist. The penalty is as follows:
Least of the following:
1. 0.5% of the total sales, turnover or gross receipts.
2. Rs 1,50,000.
The penalty will be imposed by the Income Tax Department. The chemist may also be required to pay interest on the unpaid taxes.
It is important to note that the late fee for not filing of tax audit report is in addition to any other penalties that may be imposed for tax evasion or other violations of the Income Tax Act, 1961.
If you are a chemist and you are unsure whether you are required to get your accounts audited, you should consult with a tax advisor.
Here are some tips to avoid penalties for not filing tax audit report:
- Make sure you are aware of the turnover limit for tax audit report.
- Get your accounts audited if you are required to do so.
- File the tax audit report on time.
- Pay any taxes due on time.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com