Statutory Audit for Real Estate
Here are the potential consequences of a delayed filing Statutory Audit for Real Estate:
1. Penalty:
The Real Estate Regulatory Authority (RERA) can impose a penalty of up to Rs. 10,000 for delayed filing of the statutory audit report.
2. Suspension of registration:
RERA can suspend the registration of the real estates agent if the statutory audit report is not filed within the stipulated time period.
3. Loss of goodwill:
A delayed filing of the statutory audit report can damage the reputation of the real estate agent and make it difficult to attract new clients.
4. Legal action:
If the real estate agent is found to have committed any financial irregularities, they could be subject to legal action.
5. Imprisonment:
In serious cases, the real estate agent could be imprisoned for up to two years.
To visit: https://www.mca.gov.in/
It is important to note that the specific consequences of a delayed filing for the statutory audit may vary depending on the jurisdiction. It is always advisable to consult with a lawyer to understand the specific risks involved.
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