F.y. 2011-12 return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2013 sir,
my query is :
what is time limit for filing income tax return of auditable books of account F.Y. 2011-12.

i think it shall be till 31-03-2014 we can file it,,ok or not?

Books of account were audited already (person -individual ITR 4)

or if penalty will be levid with time period and time limit??

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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02 April 2013 According to the section 44AB those who are liabile to tax audit under this section must and should be make their audit and has to file tax report with the IT department on or before 30th September every year(i.e with in due date u/s 139(1) ) if fail to make audit or filling of audit report with in the 139(1) due date then such assessess is liable to penalty of 0.5% on gross turnover/receipts with maximum of Rs.1.50 lacs.

Previously there is Saral forms to file income tax return and this forms requires some enclosure like Tax audit report,savings proofs, form 16/16A etc....... as well as section 139(4) provides income tax return can be file upto one year from the end of such assessment year(i.e time allowed upto two years from the date of completion of financial year to file return) so on such grounds if assessess is not able to file his return of income with in 139(1) due date then he file his tax audit report with in 139(1) due date to avoid penalty etc.... and file his return of income u/s 139(4).

But now a days a new return form has been introduced called as ITR which contains the tax audit report details also and doesn't requires any enclosers while filing of return of income. So according to the section 44AB an assessee must and should file his tax audit report on or before 139(1) other wise liable for penalty. So file tax audit report filling of income tax return compulsory because of Income tax return form contains tax audit report(i.e now tax audit report should be file through income tax return only) so eventhouhg section 139(4) allows to file income tax return after the due date as per section 139(1) for the purpose of filing of tax audit report with in 139(1) due date the return should be file with in 139(1) due date. If we fail to file it with in 139(1) due date then on the grounds of fail to file tax audit report with in due date u/s 139(1) AO levy penalty. Because of section 44AB strictly says tax audit reprot must and should be file with in 139(1) due date and to file tax audit report required filing of income tax return.

In case if the AO satisfies the reasons to fail to filing of return or tax audit report with in 139(1) due date then he may exempt the penalty.

So in your case penalty may be levy on the grounds of fail to filing of tax audit report with in 139(1) due date.

OM SAI SRI SAI JAI JAI SAI