Due date for filing return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2012 In case of loss return assesse has to maintain books of A/c. and get it audited and has to file the return. In that case it will be Audit u/sec. 44AB. So what is the due date for filing the return? Whether it is 31st July or 30th September?
As per my opinion it 30 th september. Please Clarify.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 July 2012 Assessess are covered under sec.44AB, due date is 30th September.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 July 2012 For all the assessees those who are doing their books audit under section 44AB due date to file Income tax return is 30th September irrespective of the turnover or etc..

OM SAI SRI SAI JAI JAI SAI

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Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2012 So even if the turnover is Rs. 10.00 lacs and there is loss then the assessee has to get the accounts audited under section 44AB and due date is 30th September and not 31st July. Am i right?

Querist : Anonymous

Querist : Anonymous (Querist)

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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26 July 2012 Yes, You are correct. But from A.Y.2011-12 those who covers under section 44AD and offer lower income other than prescribed in 44AD no need to make their books of audit if their's total income doesn't exceeds basic exemption limit. So in your case you have loss from business as well as in case your's total income for the A.Y.2012-13 is below the exemption limit then no need to make audit as per the above provision.

BUT THE FRIEND I AM NOT SATISFIED WITH ABOVE PROVISION BY THE GOVERNMENT. IN MY VIEW IT IS BETTER TO MAKE AUDIT U/S44AB IF THE INCOME OFFERS LOWER THAN PRESCRIBED IN 44AD. But above provision not requires the audit.

OM SAI SRI SAI JAI JAI SAI