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It return due date

Aditi Dosi (CA Final Student) (105 Points)

28 September 2014

Please can anyone tell me wht is due date of filing of it return of co-operative society who is not liable to tax audit but its accounts are audited under co-operative act & society has loss in the current financial year

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11 Replies

Ankit (CA, CS) (3064 Points)
Replied 28 September 2014

Dear Aditi,

The extention has come only for those cases, which are liable for tax audit u/s 44AB, not for the other ones.

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Aditi Dosi (CA Final Student) (105 Points)
Replied 28 September 2014

Actually its not case of extension I hav done computation but software shows that you cannot carryforward business loss as due date is 31/7/14 but those who are liable to be audited under any other law than there due date is 30 sep. So I am confused whether there is some mistake in my understanding

Ankit (CA, CS) (3064 Points)
Replied 28 September 2014

No Aditi...there is no mistake in your understanding. since the accounts of a society are liable to be audited under the co-op. societies act, the due date for the filing is 30/09/2014.

There may be a technical glitch in the software though...are you talking about the Income Tax utility?

Aditi Dosi (CA Final Student) (105 Points)
Replied 28 September 2014

Thanks for reply...... I m using KDK software and I hav also read that if income is below taxable limit then due date is 31/7/, so whether its right???

Suveer Sachdeva (Student CA IPC / IPCC) (26 Points)
Replied 28 September 2014

Since there is no threshold limit for taxability of income in case of co-operative society, it implies that if a society has any taxable income, it has to file a return of income. Since its accounts are also subject to statutory audit provisions under respective laws, therefore the due date for filing the return of income under the income tax act, 1961 is SEPTEMBER 30..

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Ankit (CA, CS) (3064 Points)
Replied 28 September 2014

That requirement does not apply here..thus, the date still remians 30/09/2014

Aditi Dosi (CA Final Student) (105 Points)
Replied 28 September 2014

So it means there is technical error in software

Ankit (CA, CS) (3064 Points)
Replied 28 September 2014

yes...may be thats the case

Aditi Dosi (CA Final Student) (105 Points)
Replied 28 September 2014

Thank both of u .Pls reply my next query also which I hav posted in forum as I hav to upload there return

R.K. Shukla (Income-tax Officer (Retired)) (25 Points)
Replied 30 September 2014

Dear Aditi, plz go through section 139(1). A reading of this section makes it clear that 30th September is due date for filing return of income only in those cases in which the accounts are required to be audited u/s 44AB (obviously not under any other section of I.T. Act or under any other law as in your case). Therefore, it follows that the due date for filing of return in your case is 31st July and not 30th September because, although the accounts in your case are required to be audited under Coop. Act, but not under section 44AB of the I.T. Act. Thus there is no mistake in the software and loss claimed in your case can not be allowed to be carried forward to subsequent years due to clear provisions of section 139(3) read with section 80 of the I.T. Act. In case you require any other clarification in this regard, you are a welcome.