Statutory Audit Pertaining to Media House
Here are some of the potential consequences of a delayed filing for the statutory audit pertaining to Media House:
1. Penalty:
The Income Tax Act, 1961 (ITA) imposes a penalty of 0.5% of the total sales, turnover or gross receipts, whichever is higher, or Rs. 1,50,000, whichever is less, for delay in filing the statutory audit report.
2. Interest:
If the tax liability is not paid on time, interest will be charged at the rate of 1% per month or part month from the due date till the date of payment.
3. Loss of deduction or relief:
There are certain deductions and reliefs that are available to taxpayers only if they have their accounts audited. If the statutory audit report is not filed on time, the taxpayer may not be able to claim these deductions or reliefs.
4. Damage to reputation:
A delay in filing the statutory audit report may damage the reputation of the Media House. This could make it difficult to attract investors or customers.
5. Legal action:
The tax authorities may take legal action against the Media House for delay in filing the statutory audit report. This could lead to a fine, imprisonment, or both.
It is important to note that these are just some of the potential consequences of a delayed filing for the statutory audit. The actual consequences may vary depending on the specific circumstances.
For more information visit this site: https://www.mca.gov.in/
Here are some tips to avoid the media house audit consequences of a delayed filing for the statutory audit:
- Start the audit process early.
- Ensure that all the necessary documentation is available.
- Work with a qualified auditor.
- File the audit report on time.
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