Audit u/s 44b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2012 I filed online return in form 4 for my sister who is a CA & earned over 16 lakhs as consultant. I filled up figures where figures are entered for cases without maintaining account. There was a refund also due. Recently i realised that u/s 44AB her income has to be audited as it was above 15 lakhs & accordingly the form 4 is filled up wrongly. I have also shown her profession as CA in the form 4.The refund has not come till now since july 2011. How to come out of this mess?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 March 2012 You will have to file a revised return along with the audit report.

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2012 Since it is beyond 30th sept, will I loose refund?

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Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2012 Thx, will there be any isuses because of delay, suggest any remedies

CA Hardik

CA Hardik (Expert)
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29 March 2012 file revised return and also comply with sec 44 AA of income tax act

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 April 2012 Experts have given proper reply to your query and I agree with them.

Since your sister is a CA and the gross fee has exceeded the limit as prescribed u/s 44AB. NOw, she has to to maintain accounts as required u/s 44AA and get the TAX Audit done. File the revised return if you have filed the original return in time. Whatever refund is there you will get it but no interest for delayed period will be allowed. Moreover for not getting accounts audited in time penalty will be attracted.