16 May 2009
A pvt.ltd co. dealing in electric goods has a turnover of Rs. 10 lacs only. Hence, No need of tax audit report. My query is whether Form 115JB for the purposes of Book Profit is to be attached with the balance sheet or not as the co. has to pay taxes according to the concept of tax on book profit or tax on balance in p & l a/c whichever is higher. Further Co. will pay FBT. Then also whether annexure for the FBT is to attached or not. Please guide what to do.
16 May 2009
No need to attach the said workings with audited balance sheet.Along with income tax return form also such attachment is not required because return form contains such details and return should be filed annexure less.
However, the company should obtain Form 29B, as per rule 40B of the income tax Rules,1962,and should be kept in records to be produced as and when called by IT authorities.
16 May 2009
Thanks for the ans. Sir, One thing more I want to know that Whether the co. should obtain annexure relating to FBT which is a part of tax audit report.
16 May 2009
Thanks for the ans. Sir, One thing more I want to know that Whether the co. should obtain annexure relating to FBT which is a part of tax audit report.
CAclubindia
