Question ID :
17025
Sec-115JB
Is penalty leviable us-271B for failure to get tax audit us-115JB?
Posted by
SOUVIK KR GHOSH
on
Sep 17, 2013
Filed Under
DIRECT TAXES
My search in the Income-tax Act did not find any provision for levy of penalty for failure to get audit report under section 115JB. The haphazard way the Act has been amended over the years sometimes confers some unintended benefit to the assessee also occasionaly. However, you can not rule out the possibility of somebody in authority proposing retrospective amendment to the provisions if he finds out this omission.
Posted by
S Subramanian on
Sep 18, 2013
Answer ID :
47454
No audit under Section 44AB of Income Tax Act.
Posted by
CA.NILA REJESH on
Sep 18, 2013
Answer ID :
47464
If your question relates to form 29B Section 115JB mentions to file form 29B along with return of income. In return of income also mat computation is requred to be reported for arriving higher of tax comparing with normal tax. It is always good to have accountants report in form 29B before filing return of income.
Posted by
CA. HUKKERI SUNIL CHANDRAKANT on
Sep 18, 2013
Answer ID :
47483
Sec 271B is for penalty for failure to get audit under Sec 44AB only
Posted by
MAHESH TANUKU on
Sep 18, 2013
Answer ID :
47487
It need not be added back as IT Act has application so far as adjustments are concerned.
Posted by
SIVADAS CHETTOOR on
Sep 18, 2013
Answer ID :
47495
It need not be added back as IT Act has no application so far as disallowances are concerned.
Posted by
SIVADAS CHETTOOR on
Sep 19, 2013
Answer ID :
47505
Not found any section in income tax which says for imposing penalty for failure or late filing of form 29B.
Posted by
CA. HUKKERI SUNIL CHANDRAKANT on
Sep 19, 2013
Answer ID :
47572
Sec 271B is only for penalty for failure to get audit under Sec 44AB..
Posted by
CA. Pawan Kumar Jain on
Sep 21, 2013