26 September 2012
Dear Sir, we have one Pvt. Ltd. company having turnover of Rs 40 Lacs i.e. below the limit of Tax Audit, so my view is that it is not compulsory in my case to file return before September 30.
26 September 2012
Return of income- 139[(1) Every person, (a) being a company [or a firm]; or (b) being a person other than a company [or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed
conclusion : Return filing is compulsory for Company & Firm & for others return is to be file if the income exceeds the prescribed limit.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
26 September 2012
Dear Subhash, Thanks for prompt reply, but you have not understood my query. Return filling is compulsory that i am aware, but as turnover is less than Tax Audit limit so filling IT return before 30th September is compulsory or not. Pls rply with your expert view.
26 September 2012
Income Tax Return Due Date AY 2012-13 1. For corporate assessees which is required to furnish a report u/s 92E of the Income Tax Act, 1961 - 30.11.2012
2. For all other Corporate assessees - 30.09.2012
3. For non corporate assessees,(Like Partnership Firm ,prop Firm) whose accounts are required to be audited under Income tax act (Like 44AB turnover is more than 60 lakh in case of business and 15 lakh in case of profession- section 44AB and Business where disclosed profit is less than 8% of the turnover -Section 44AD) or any other act for the time being in force. - 30.09.2012
4. For working partners of Partnership firms covered under sr no (3) above - 30.09.2012
5. For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited. - 31.07.2012 (extended to 31.08.2012 )
Therefore, for all Corporate assessees are liable to file compulsorily IT return within 30th September irrespective tax audit limit.
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