Tax Audit Reports of Dental and Medical
The penalty and due date for tax audit reports of Dental and Medical Laboratories in India can be understood as follows:
1. Due Date:
The due date for filing the tax audit report for Dental and Medical Laboratories in India is generally September 30th of the assessment year.
This is the date by which the tax audit report, along with the related income tax return, needs to submitted to the Income Tax Department.
2. Penalty for Non-Compliance:
If a Dental or Medical Laboratory fails to furnish the tax audit report within the specified due date, a penalty may be levied under Section 271B of the Income Tax Act.
The penalty amount is generally 0.5% of the total turnover or gross receipts, subject to a maximum penalty of ₹1,50,000. This penalty can impose to ensure timely compliance with tax audit requirements.
3. Consequences of Non-Filing:
Failing to submit the tax audit report on time could lead to various consequences, including the imposition of the aforementioned penalty.
Moreover, the income tax return filed without the accompanying tax audit report may be consider defective.
Which can result in additional compliance hassles and possible further penalties if not rectified promptly.
It’s crucial for Dental and Medical Laboratories to adhere to the due date.
Complete the tax audit process accurately to avoid penalties and ensure compliance with the Income Tax regulations in India.
To visit: https://www.incometax.gov.in
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