Wheteher to File Return of Income?

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.

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)

you are required to file return of income......... in this case........ by 30th September of the Assessment Year..........

agrred with all

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

In This Case, Return of Income  need to be File.

As Specified by section 44AB, audit report should be furnished, it means what that audit report is furnished in Income tax return itself.

it means return of income is to be filled ,if ROI is not filled, it is assumed that section 44AB is not complied with.

& penalty will be charged.as per section 44AB

Originally posted by : PRADEEP & SUDHIR JI
	agrred with all

how can u say agree with above all.

as ur above 3 comments are differner, their comment are not similar

CIRCULAR NO. 5/2007, DATED 26/7/2007

No need to file the audit report.

Just obtain it before 30/9.

  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.

Originally posted by :
	CIRCULAR NO. 5/2007, DATED 26/7/2007   No need to file the audit report. Just obtain it before 30/9.

I Have not find such info on that circular that return need not be filled

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)

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)

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...

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.