Are there any penalty of late filing for statutory audit?
Penalty of Late Filing for Statutory Audit Yes, there are penalty of late filing for statutory audit. The penalty is levied under Section 271B of the Income Tax Act, 1961. The penalty is 0.5% of the total sales, turnover, or gross receipts, whichever is less, or up to a maximum of Rs. 1,50,000. The… Read More »
