Return Processing without filing Tax Audit
Mayank Somani (Article) (153 Points)
03 September 2019
if we donot file tax audit for AY 2019-20 can itr be processed for AY 2019-20
14 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 03 September 2019
Whether tax audit is mandatory for the accounts?
If yes, then it will not be processed; otherwise no problem.
Mayank Somani
(Article)
(153 Points)
Replied 03 September 2019
gross income for professional exceeds 50L
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 03 September 2019
Tax audit applicable; so return will be defective without audit report...
Mayank Somani
(Article)
(153 Points)
Replied 03 September 2019
I have filed the return mentioned tax audit is liable but not yet audited.....if I don't file the return till 30 September then itr would be processed or not
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 03 September 2019
No....
Expect notice of defective ITR ...
Kapadia Pravin
(17259 Points)
Replied 03 September 2019
You immediately file revised return alongwith Tax Audit report under 44AB . Hope you don't have to pay penalty for not carrying out audit and not submitting audit report.
Mayank Somani
(Article)
(153 Points)
Replied 03 September 2019
how much is penalty amount for not submitting tax audit report
Kapadia Pravin
(17259 Points)
Replied 03 September 2019
Penalty for Non Compliance of Section 44AB
If any person falls under the section & fails to get audited of his account before the due date, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1, 50,000.
If any person falls under the section & fails to get audited of his account before the due date, then they will be liable for a penalty of 1/2% of the turnover or the gross receipts up to a maximum penalty of Rs. 1, 50,000.
Mayank Somani
(Article)
(153 Points)
Replied 03 September 2019
if we don't file tax audit report then it does not mean that IT department will treat the return as defective. it may impose fine for non filing of tax audit report
Kapadia Pravin
(17259 Points)
Replied 04 September 2019
Return will not be processed until you file audit report and audited BS and P&L Account.
Mayank Somani
(Article)
(153 Points)
Replied 04 September 2019
if audit report and audited bs and pl have to file now then why department has received itr without them. department allowed us to file itr without tax audit completion and if they don't work on that itr then it would be void.
Kapadia Pravin
(17259 Points)
Replied 06 September 2019
Surely return will be invalid and the status will be failure of a) filing of return and b) failure in carrying out tax audit
And accordingly fine for both a & b above will be imposed. And AO has got other rights too.
And accordingly fine for both a & b above will be imposed. And AO has got other rights too.
Recent Topics
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
Related Threads
CAclubindia
