Revised due date for Tax Audit Report for FY 2018 -19

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Satyawan Desai

• November 02, 2020 16:40

What is the revised due date for filling Tax Audit Report for FY 2018-19? What is the penalty for failing to file Tax Audit report in case where it is applicable?

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  Quicko Support

  • November 03, 2020 14:09

  Hey Satyawan, 

  The revised due date for tax audit is November 30, 2020. However, please note that a penalty may be levied under section 271B. The minimum penalty that can be charged is 0.5% of the total sales, turnover, or gross receipts. The maximum penalty applicable is INR 1,50,000. A penalty can be avoided if the taxpayer provides a reasonable cause for not having the accounting records audited.

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