07 September 2009
There is a cluase in CARO to report if there are any undisputed tax liability which is outstanding fore more than 6 months as at the end of the financial year. If a company doesn't pay advance tax at all this means that there is a default for more than 6 months as first installment was due on 15 June and advance tax is income tax in nature. "Income tax" is specifically covered in this clause. It is also a default as we pay interest u/s 234C at the time of filing return.Please guide me should this default be mentioned in CARO
CAclubindia
