Pay a penalty of Rs 1.5 lakh or 0.5% of total sales if you fail to upload tax audit report within next 3 days

Income Tax Audit: The tax audit deadline for specified taxpayers is September 30, 2024 for FY 2023-24 (AY 2024-25). If you miss this deadline you need to pay Rs 1.5 lakh penalty or 0.5% of total sales, whichever is lower. This can cause a significant loss, hence upload the tax audit report by September 30, 2024.

from Tax-Wealth-Economic Times https://ift.tt/kzOpc02