Tax Audit Report for Architecturals
The penalty and due date of the tax audit report for Architecturals, Engineering, and Surveying Services in India are as follows:
◘ Due Date:
The due date for filing the tax audit reports for businesses providing Architectural, Engineering, and Surveying Services in India is generally September 30th of the assessment year.
This due date maybe extend by the government in exceptional circumstances.
◘ Penalty:
If a taxpayer fails to submit the tax audit report by the due date, authorities can impose a penalty of 0.5% of the total turnover or gross receipts for the year, with a maximum penalty of ₹1,50,000.
This penalty is mentioned under section 271B of the Income Tax Act, 1961.
It’s important to adhere to the due date to avoid penalties and ensure compliance with the tax regulations. Additionally, seeking professional advice from a tax consultant or chartered accountant can help in accurately completing the tax audit report and meeting the requirements of the law.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
