27 September 2013
I am doing accounting for two indiduals whose net profit will be around below 8%.My friend CA has suggested to get the books audited under Section 44ab of the Incometax act.Pl clarify when the incometax return for the financial year 2012-13 AY 2013-14 has to be filed. Is there any extension of time for filing of incometax return.One individual is trading concern,the taxable turnover is Rs.70lakhs.The other individual is Manpower agencies,his receipts is around Rs.60 lakhs. Pl clariy? Thanks. Regards
There is an extension in E-filing of audited returns to 31st October 2013. If you are taking income on presumptive basis, then the income has to be shown 8% on total turnover, Incase it is less then the books and accounts has to be audited.
27 September 2013
As per circular dated 27/9/13,extension of time has been given for efiling taxaudit report but not for efiling of returns.In the light of the above,pl clarify whehter the returns has to efiled on or beffore 30/9/2013.
28 September 2013
Tax audit is not mandatory. File return under normal provisions. file ITR4. If proper books of accounts are not maintained then it is advised to declare 8% profit and file return under presumptive.
28 September 2013
Order under Section 11.9 of the Income-tax Act. 1961 CBDT in exercise of power under sec I l9(2)(a) of the IT Act, 1961 read with Sec 139 and Rule 12, has decided to relax the requirement of furnishing the Report of Audit electronically as prescribed under the proviso to sub-rule (2) of Rule 12 of the IT Rules for the Assessnent Year 2013-14 as under- (a) The assesses, who are presently finding it difficult to upload the prescribed Reports of Audit (as referred to above) in the system electronically may also furnish the same manually before the jurisdictional Assessing Officer within the prescribed due date.
(b) The said Report of Audit should however be furnished electronically on or before 31.10.201
06 October 2013
CBDT has clarified that the Tax Audit report can be uploaded before 31.10.2013 and they are silent on the matter of uploading of return. So returns must be submitted before 30.9.2013 and tax audit before 31.10.2013
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