Tax Report for Media House

The due date for filing the tax audit report for media house is 30th September of the relevant assessment year.

The penalty for not filing the tax audit report by the due date is 0.5% of the total sales, turnover or gross receipts, subject to a maximum of Rs. 1,50,000.

 

Here are some of the criteria for a media house to be required to get its accounts audited under Section 44AB of the Income Tax Act, 1961:

1. The total turnover or gross receipts of the media house is more than Rs. 1 crore in the previous financial year.

2. The media house is a company limit by shares.

3. The media house is a partnership firm in which any partner is a company limited by shares.

4. If a media house is require to get its accounts audit, it must obtain the audit report on or before 30th September of the relevant assessment year. The audit report must be filed with the income tax return for the same assessment year.

The penalty for not filing the tax audit report by the due date is a minimum of 0.5% of the total sales, turnover or gross receipts, which can go up to Rs. 1,50,000.

However, no penalty will be impose if the media house gives reasonable cause for non-compliance, such as the following:

1. The media house was unable to get its accounts audit due to a natural calamity.

2. The media house was unable to get its accounts audit due to a strike by the auditors.

3. The media house was unable to get its accounts audit due to other unforeseen circumstances.

To visit: https://www.mca.gov.in/

 

 

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