Tax Audit(Urgent please)
This query is : Resolved
28 September 2010
Dear Experts,
a client of mine has surpassed limit specified for the tax audit purpose u/s 44AB in the FY 2008-09.He has already filed his return for the FY 2009-10 by 31.07.2010 without getting tax audit done.
Please advise what has to be done now.
a client of mine has surpassed limit specified for the tax audit purpose u/s 44AB in the FY 2008-09.He has already filed his return for the FY 2009-10 by 31.07.2010 without getting tax audit done.
Please advise what has to be done now.
29 September 2010
fortunately the due date for filing returns in the instant case has been extended to 15-10-10 and the due date for tax audit also stand similarly extended.so, file a revised return now,showing date of audit report and necessary particulors of the auditor.
29 September 2010
You can get the Books of account Audited u/s 44AB and file revised return before extended Due date of 15th Oct 2010.
29 September 2010
For the FY 2008-09 nothing else can be done other than facing the consequences of penalty if any levied u/s 271B . As and when the penalty proceedings are initiated you may request for waiver of penalty if your client is not a chronic defaulter
29 September 2010
Dear Querist
Revised Return shold be filed and details of Auditors etc relevant to tax audit shold be mentioned in revised return.
There is no time limit for filing revised return.so even if you miss 30th September and now it is 15th Oct then also you can file revised return.becuase return filed before 31st july is considered as original return only.
Thanks & Regards
CA Hiral
Revised Return shold be filed and details of Auditors etc relevant to tax audit shold be mentioned in revised return.
There is no time limit for filing revised return.so even if you miss 30th September and now it is 15th Oct then also you can file revised return.becuase return filed before 31st july is considered as original return only.
Thanks & Regards
CA Hiral
29 September 2010
A revised return can still be filed for the FY 2008-09 till 31.12.2009 with an audit report as required under section 44AB. The AO can levy penalty under section 271B. If, however it can be proved that the omission was due to reasonable cause, invoking the provisions of section 273B, penal action may be dropped. It all depends on convincing the assessing Officer.
As regards 2009-10 FY, fortunately now that the due date has been extended, quickly get them audited and furnish a report along with the revised return, which can save you from the clutches of penalty and can ward off you image as persistent defaulter in the matter of extending tax compliance, which may no enjoy any levity or soft consideration in future.
As regards 2009-10 FY, fortunately now that the due date has been extended, quickly get them audited and furnish a report along with the revised return, which can save you from the clutches of penalty and can ward off you image as persistent defaulter in the matter of extending tax compliance, which may no enjoy any levity or soft consideration in future.
30 September 2010
Thanks,the profession of my client is advertising.It may not be covered u/s 44 AB.
Please confirm.
Please confirm.
30 September 2010
Ms.Sukanya,
Advertising is not identified as a professional activity under the Income-tax Act,1961. You are absolutely right. It is at the same time regarded as a business activity. The question of tax audit would arise if only the total receipts from this activity (advertising) exceeds Rs.40 lakhs (60 lakhs from 1.4.2011)The time limit for filing the return by your client, if his TO had not exceeded the stipulated likmit is already over and he cannot claim any leverage by the extended time.
Advertising is not identified as a professional activity under the Income-tax Act,1961. You are absolutely right. It is at the same time regarded as a business activity. The question of tax audit would arise if only the total receipts from this activity (advertising) exceeds Rs.40 lakhs (60 lakhs from 1.4.2011)The time limit for filing the return by your client, if his TO had not exceeded the stipulated likmit is already over and he cannot claim any leverage by the extended time.
02 October 2010
i fully agree with Mr Venkatraman and Ms Sukanya neednot worry if the TO is below 40 lacs
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