Tax Audit Reports for Motion Picture
The due date for filing tax audit reports for Motion Picture & Video: Studios & Theatres in India is typically September 30th of the assessment year,
Which is the year following the financial year in which the audit is conducted. Failure to comply with this due date can result in a penalty of 0.5% of the total turnover or gross receipts, subject to a maximum penalty of ₹1,50,000.
This penalty is imposed under section 271B of the Income Tax Act. It’s important to ensure timely submission of the to avoid this penalty and maintain compliance with the tax regulations.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com