{"id":16414,"date":"2023-08-29T17:02:23","date_gmt":"2023-08-29T17:02:23","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=16414"},"modified":"2024-05-09T11:25:30","modified_gmt":"2024-05-09T11:25:30","slug":"audit-filing-penalties","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/","title":{"rendered":"Are there any penalty of late filing for statutory audit?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"90\" height=\"43\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 90px) 100vw, 90px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/#Audit_Filing_Penalties\" >Audit Filing Penalties<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/#The_death_or_illness_of_the_auditor\" >The death or illness of the auditor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/#Natural_calamities\" >Natural calamities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/#Strikes_or_lockouts\" >Strikes or lockouts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/#Delay_in_obtaining_the_necessary_documents_from_the_client\" >Delay in obtaining the necessary documents from the client<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/#If_the_penalty_is_levied_it_can_be_challenged_in_the_appellate_authorities\" >If the penalty is levied, it can be challenged in the appellate authorities.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Audit_Filing_Penalties\"><\/span><span style=\"color: #000000;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000. The due date for filing the statutory audit report is 30th September of the financial year following the year in which the audit is conducted. For example, the due date for filing the statutory audit report for the financial year 2022-23 is 30th September 2023.\\r\\n\\r\\nHowever, there are some exceptions to this penalty. The penalty will not be levied if the delay in filing the report is due to a bona fide reason, such as:\\r\\n\\r\\nThe death or illness of the auditor\\r\\nNatural calamities\\r\\nStrikes or lockouts\\r\\nDelay in obtaining the necessary documents from the client\\r\\nIf the penalty is levied, it can be challenged in the appellate authorities.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Audit Filing Penalties<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Is-there-any-penalty-for-not-filing-of-tax-audit-report-for-the-interior-designers-660x347.jpg\" alt=\"Audit Filing Penalties\" width=\"203\" height=\"107\" \/><\/p>\n<p><span style=\"color: #000000;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000. The due date for filing the statutory audit report is 30th September of the financial year following the year in which the audit is conducted. For example, the due date for filing the statutory audit report for the financial year 2022-23 is 30th September 2023.\\r\\n\\r\\nHowever, there are some exceptions to this penalty. The penalty will not be levied if the delay in filing the report is due to a bona fide reason, such as:\\r\\n\\r\\nThe death or illness of the auditor\\r\\nNatural calamities\\r\\nStrikes or lockouts\\r\\nDelay in obtaining the necessary documents from the client\\r\\nIf the penalty is levied, it can be challenged in the appellate authorities.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Audit Filing Penalties\u00a0Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000. <\/span><\/p>\n<p><span style=\"color: #000000;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000. The due date for filing the statutory audit report is 30th September of the financial year following the year in which the audit is conducted. For example, the due date for filing the statutory audit report for the financial year 2022-23 is 30th September 2023.\\r\\n\\r\\nHowever, there are some exceptions to this penalty. The penalty will not be levied if the delay in filing the report is due to a bona fide reason, such as:\\r\\n\\r\\nThe death or illness of the auditor\\r\\nNatural calamities\\r\\nStrikes or lockouts\\r\\nDelay in obtaining the necessary documents from the client\\r\\nIf the penalty is levied, it can be challenged in the appellate authorities.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">The due date for filing the statutory audit report is 30th September of the financial year following the year in which the audit is conducted.<\/span><\/p>\n<p><span style=\"color: #000000;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000. The due date for filing the statutory audit report is 30th September of the financial year following the year in which the audit is conducted. For example, the due date for filing the statutory audit report for the financial year 2022-23 is 30th September 2023.\\r\\n\\r\\nHowever, there are some exceptions to this penalty. The penalty will not be levied if the delay in filing the report is due to a bona fide reason, such as:\\r\\n\\r\\nThe death or illness of the auditor\\r\\nNatural calamities\\r\\nStrikes or lockouts\\r\\nDelay in obtaining the necessary documents from the client\\r\\nIf the penalty is levied, it can be challenged in the appellate authorities.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"> For example, the due date for filing the statutory audit report for the financial year 2022-23 is 30th September 2023.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">However, there are some exceptions to this penalty. The penalty will not be levied if the delay in filing the report is due to a bona fide reason, such as:<\/span><\/strong><\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"The_death_or_illness_of_the_auditor\"><\/span><strong><span style=\"color: #000000;\">The death or illness of the auditor<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Natural_calamities\"><\/span><strong><span style=\"color: #000000;\">Natural calamities<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Strikes_or_lockouts\"><\/span><strong><span style=\"color: #000000;\">Strikes or lockouts<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Delay_in_obtaining_the_necessary_documents_from_the_client\"><\/span><span style=\"color: #000000;\">Delay in obtaining the necessary documents from the client<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"If_the_penalty_is_levied_it_can_be_challenged_in_the_appellate_authorities\"><\/span><span style=\"color: #000000;\">If the penalty is levied, it can be challenged in the appellate authorities.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">To visit:<\/span> <a class=\"in-cell-link\" href=\"https:\/\/www.incometax.gov.in\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.incometax.gov.in<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-15912 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit-300x158.webp\" alt=\"\" width=\"543\" height=\"286\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit-300x158.webp 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit-1024x538.webp 1024w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit-768x403.webp 768w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit-1536x806.webp 1536w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit-660x347.webp 660w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit-380x200.webp 380w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit.webp 1600w\" sizes=\"auto, (max-width: 543px) 100vw, 543px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong><span style=\"color: #000000;\">For further details access our website:<\/span> <a class=\"in-cell-link\" href=\"https:\/\/vibrantfinserv.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Audit Filing Penalties Audit Filing Penalties\u00a0Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000. The due date for filing the statutory audit report is 30th September of the financial year following\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/audit-filing-penalties\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":12678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2441],"tags":[3437,3438,3439],"class_list":["post-16414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finalization","tag-auditfilingpenalties","tag-lateauditsubmissionconsequences","tag-statutoryauditdelaypenalties"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Audit Filing Penalties\/ Article\/ VibrantFinserv-<\/title>\n<meta name=\"description\" content=\"Audit Filing Penalties\u00a0Yes, there is a penalty for late filing of statutory audit. 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