Tax audit-

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rupesh (Querist)
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28 July 2012 my friend, had a business of construction wct
his turnover for a.y.2011-12 was 75 laks, and due to less knoweledge or unaware of income tax rules, he had not filed tax audit report and income tax too for. same assessment year.

now for a.y.2012-13 he is not eligible for tax audit due to underlimit of taxaudit.

can he filed his tax audit report and return now and if file what would be implication and where to file. his tds for the a.y.2011-12 has been deducted by parties. - pls suggest & clarify at your best its urgent

CA Salman Mansoori

CA Salman Mansoori (Expert)
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29 July 2012 Thank you very much for your question
1. Non-filing of return would attract penaly u/s 271
2. However filing of return would be barred after one year from the end of the relevant AY of tht FY. In you case for FY 2010-2011 last date would be 31.03.2013. After this date you will never be able to file return unless notice is issued frm dept.
3. He must file his return along with tax audit before 31.03.2013 along with the penalty.
4. Filing provision would same as normal FY i.e. Either efiling or manually filing. Tds would also be claimed in this return