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February 2013

Non levy of penalty for filing delayed audit reports by developers

By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Chartered Accountants
Reading Time 1 mins
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Trade Cir. No 1T of 2013 dated 4-1-2013 It has been clarified that the developers who have obtained registrations up to 15th October 2012, filed returns and paid taxes due up to 31st October 2012 and who file the audit reports in Form 704 on or before 15th January 2013 for all the past periods i.e. from 2006-07 to 31-3-2012 shall not be subjected to penalty u/s 61(2) of MVAT Act, 2002. It has also been clarified that the audit report u/s. 61 in Form no. 704 for all periods up to 2011-12 is to be filed electronically.

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