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?
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.