14 September 2012
I WOULD LIKE TO ASK ALL EXPERTS HERE AND I AM SURE I WILL GET THE BEST ANSWER HERE ONLY AT CACLUBINDIA
THE QUESTION IS
IF THE PROPRIETORSHIP CONCERN WHOSE WHOSE GROSS TURN OVER EXCEEDS THE LIMIT OF RS.6000000 AND HAVE AUDITED HIS BOOKS OF ACCOUNTS BUT HIS TAXABLE INCOME IS FALLING WITHIN THE EXEMPTION LIMIT OF RS 180000 FOR THE A.Y 2012-13. IN THE ABOVE CASE IS IT NECESSARY FOR THE PROPRIETOR TO FILE RETURN?????
14 September 2012
According to me, Return is not required to be filed. Only Audit report is to be submitted on of before the due date of 30th september 2012
14 September 2012
is that accurate according to which section,????? its a big question because m article student and i have 3 cases whose turnover exceeds 1 crore but net income is only 90000 or 100000
14 September 2012
thank you so much dear sir amit s kedia. can you please tell me the section of the same answer given by you or in act where i can find this answer??
14 September 2012
The requirement in the act to file the return is under section 139. Section exempts the person from filing the return if his total income does not exceed the maximum amount which is not chargeable to income-tax. Tax Audit has nothing to do with return filing and there no requirement u/s 44AB as well to file the return. Statutorily, it is not required to file the return but AO in specific cases may ask to furnish the return u/s 142
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