Please Help: RETURN AND AUDIT REPORT

Dear Moiz,

Yes, he is required to furnish the audit report in income tax department on or before 30/09/2011 otherwise provisions of Section 271B of Income Tax Act, 1961 will get attracted and he may be liable to the penalty of 1.5% of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of Rs. 1,50,000 whichever is less.

In case liable for tax audit then he is required to get his accounts audited and obtain tax audit report. The asseesee is not required to submit tax audit report at the department but when it is demanded by income tax department he is required to furnish the same to department.