Tax Audit Report for Automotive
The due date for filing the tax audit report for Automotive Repair Services in India is generally September 30th of the assessment year.
In case the taxpayer is required to get their accounts audited under the Income Tax Act due to crossing the prescribed turnover threshold, they must ensure that the tax audit report, along with the related financial statements and other relevant documents, is submitted by this due date. If fail to meet this deadline can result in penalties.
The penalty for not filing the tax audit report on time can be substantial. It’s typically equal to 0.5% of the total turnover or gross receipts, subject to a maximum penalty of ₹1,50,000.
Section 271B of the Income Tax Act prescribes this penalty.
Therefore, businesses providing automotive repair services must adhere to the due date and ensure that they prepare and submit all necessary documentation in a timely manner to avoid any penalties.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com