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Question ID : 43325

Belated Audit Report

What is option left with Assessee after expiry of FY for Tax Audit. whether Assessee needs to wait for the notice to arrive from AO or any prior submission with late fine could be made, if so how. In any case Audit can only be done in current date only without which subsequent audit can't be done

Posted by SURAJ KUMAR CHOUDHARY on Jul 13, 2022

Filed Under DIRECT TAXES

Answer ID : 82545

We can audit the books of accounts for any period. Expiry of time limit given for FURNISHING audit report is not a limiting factor to conduct audit. Once the due date given for FURNISHING audit report is expired, we cannot furnish the same in online and department will not accept offline filing of the same. This will be the issue. Once the assesse received notice for the non-furnishing of audit report, we can submit the same as part of reply to that notice. Penalty MAY be charged. Therefore, we can conduct the audit the books of accounts for the subsequent and furnish the audit report within the due date.

Posted by CA PRADEEP C B on Jul 19, 2022
Answer ID : 83552

Wait for the notice for the prior year and do the audit within time line for the current year.

Posted by CA. JHA SHANKAR KUMAR on Aug 01, 2022