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Link between Income tax and Statutory audit

Amit (Chartered Accountant B.Com(H)) (453 Points)

17 December 2009

Suppose a company is incorporated on 1st Jan 2008 with accounting year jan to dec. Now company is required to hold AGM on before 30 jun 2009. Thus comapny is not required to get its account audited under companies act before 30 september 2008 ( Last date for filing of Income tax return under income tax actfor financial year 2007-08)

Q: Is company required to get its account audited under companies act even for 3 months ( jan 08 to march 08) before filing ITR- for financial year 2007-08

( I am again asking the same question but trying explain it in illustrative form )

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2 Replies

JAYA NENWANI (Chartered Accountant) (59 Points)
Replied 18 December 2009

In my view company shuld get its accounts audited for Jan 08 to March 08 under Income Tax Act only.

And when company holds AGM it shuld get its acounts audited under Company's Act for the period from 1st Jan 2008 to jan 2009 or to till the day before AGM.

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CA Vikrant Arora (Practicing Chartered Accountant) (67 Points)
Replied 19 December 2009

As per section 139(1), a corporate assesee is required to file the Return of Income by 30th September for the year ended on 31st March, irrelevant of Calender year followed by company.

Refer Circular 561 dated 22.05.1990, If Accounitng year is different from financial year, the tax auditor will carry out the audit for the relevant period relating to the financial year and submit his report in Form 3CB alongwith 3CD as required in the rule 6G(1)(b).