TAX Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2010
is TAX AUDIT IS APPLICABLE ON RESIDENT WELFARE ASSOCIATIONS ,(FILING RETURNS AS AOP)?
21 June 2010
As per Section 44AB, every person carrying on business or profession shall gets its accounts audited if his turnover exceeds the specified limit.
In my view the RWA does not carry on any business or profession. It is a mutual association created for the benefits of members. It takes contribution from members and utilises for the common facilities. Hence, in our view, there is no requirement of Tax audit in the referred cases.
Regards
In my view the RWA does not carry on any business or profession. It is a mutual association created for the benefits of members. It takes contribution from members and utilises for the common facilities. Hence, in our view, there is no requirement of Tax audit in the referred cases.
Regards
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2010
Thanks for the information,also as if Tax Audit is not applicable so the last date for filling of its return will be July 31st ?even in case it get its account audited under other law or under its own bye laws.
22 June 2010
Explanation 2 to section 139(1) prescribes the due date filing return of Income as follows:
(a) where the assessee is—
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 30th day of September of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
regards
(a) where the assessee is—
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 30th day of September of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
regards
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
