*Tanya_agg (CA Final) (208 Points)
07 April 2010
CA Babit Khurana
(learning is my passion)
(338 Points)
Replied 07 April 2010
explanation AS per section 44AB of Income tax Act,1961-It may be noted that the assesse is required not only to get his accounts audited by the specified date but also furnish the audit report on or before the specified date, irrespective of fact whether the return of income is filed by that date or not. If the audit report is submitted on or before the due date but the return of income is filed subsequentlythen copy of audit report and proof of filling the same should be submitted alongwith the return of income.
As per my view the assesse is liable to file return.
One thing now the mininimum not taxable income is Rs 160000, not Rs 140000.
If i am worng pl clerify.
Amir
(Learner)
(4016 Points)
Replied 07 April 2010
Dear Tanya,
In case GTI is less then the Exemption limit then return filing is not mandatory but as correctly said by friend Babit that Audit Report u/s 44AB shall be required where Turnover exceeds the limit.
Time limit of filing Audit report is the due date u/s 139 i:e 30th September of the Assessment Year.
Dear Babit - I think Tanya has quoted Rs. 1,40,000 as GTI (assumed figure) & not in respect of Exemption Limit.(which is Rs. 1,60,000 as u have mentioned)
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 07 April 2010
you are required to file return of income......... in this case........ by 30th September of the Assessment Year..........
Govardhan
(prop)
(37 Points)
Replied 08 April 2010
Assess is required to file the ROI on or before 30th september
i think tanya's arguement is as his income is not exceeds the maximum limit - right
when he is required to get the accounts audited , he is required to file the ROI and even though income doesnot exceeds the maximum limit
Varun
(ACA CS Final Pass B.Com(H))
(270 Points)
Replied 08 April 2010
The proviso to sec. 139(1) requires only those individuals whose total income, without giving effect to provisions of sec 10A, 10B or Chap VI-A,exceeds the maximum amount not chargeable to tax to file a return of income on or before the due date.
now, the explanation to sec 139(1) lays down the 'due date' for different assessees and not the provisions as to who are liable to file a return.
as per the explanation, individuals who are required to get tax audit have to file a return on or before 30th sep of assessment year.
=>> it should be noted that explanation is effective only for those persons who are required to file a return of income u/s 139(1).
Thus in your case, even though the assessee is required to get his accounts audited, since his total income before deductions is less than rs.160000, he is NOT required to file a return of income u/s 139(1). so, reference to explanation for determining the due date or his liability to file a return is not invited.
the audit report to be filed u/s 44AB has just to be complied with.
Regards!
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 08 April 2010
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 08 April 2010
| Originally posted by : PRADEEP & SUDHIR JI | ||
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agrred with all |
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how can u say agree with above all.
as ur above 3 comments are differner, their comment are not similar
Max Payne
(employed)
(2569 Points)
Replied 08 April 2010
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 08 April 2010
The report of audit under section 44AB is not to be attached with the return. It should not be furnished separately also before or after the due date. However, an assessee should get the report of audit from an accountant under said section before the due date of the furnishing of the return and should fill out the relevant columns of these forms on the basis of such report. The assessee should retain the report with himself. It may be furnished in original during the assessment proceedings. No penalty under section 271B shall be initiated or levied for not furnishing the tax audit report on or before the due date. However, if the audit report has not been obtained before the due date, provisions of section 271B shall be attracted.
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 08 April 2010
| Originally posted by : | ||
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CIRCULAR NO. 5/2007, DATED 26/7/2007 No need to file the audit report. Just obtain it before 30/9. |
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I Have not find such info on that circular that return need not be filled
Amir
(Learner)
(4016 Points)
Replied 08 April 2010
Dear Ayush,
The reference of the circular was correct.........
Pls try to see there are two things -
1) On Legal grounds that Filing of Tax Audit report is compulsory even where Return filing is not required.
2) On Administration grounds - To encourage paperless working Department has decided that assessee should be submitting Tax Audit report only when they are asked to do so i:e at the time of assessments and all.
So what is coming out in case u read the above two things together that "It is not mandatory to file Tax audit report where ITR is not required but assessee should obtain the same before 30th September"
(In my ealier reply I said that it will be required to file Audit report because I thought that question was intended towards the legal posiion)
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 08 April 2010
| Originally posted by : Amir | ||
|
Dear Ayush, The reference of the circular was correct......... Pls try to see there are two things - 1) On Legal grounds that Filing of Tax Audit report is compulsory even where Return filing is not required. 2) On Administration grounds - To encourage paperless working Department has decided that assessee should be submitting Tax Audit report only when they are asked to do so i:e at the time of assessments and all. So what is coming out in case u read the above two things together that "It is not mandatory to file Tax audit report where ITR is not required but assessee should obtain the same before 30th September" (In my ealier reply I said that it will be required to file Audit report because I thought that question was intended towards the legal posiion) |
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Dear Amir,
Wat u Mean.....
that if 44AB applicable.....
But GTI does not Exceed Basic Exemption Limit.then No Need to File Return......
the above stated couldn't clarify the theme of this discussion.
it only clarify that audit report only to be retained...& when demanded ,then only to be furnished.that i m agree...
but it not make clear the return is not need to file.....
please give that specific word of that circular.if u found so...
Amir
(Learner)
(4016 Points)
Replied 08 April 2010
Dear Ayush,
No no that thing is not written in that circular, Sec 139 itself is enough for that which makes it mandatory for an Individual to file return if & only if his GTI exceeds Exemption limit.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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