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Audit under section 44AB

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     on  28 September 2012    

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I have discussed the various provisions with respect to section 44 AB below –

 

The following persons are liable to get their books of accounts audited compulsorily by a Chartered Accountant –

 

1) A person carrying on business if the total sales, turnover or gross receipts from the business in the previous year relevant to the assessment year exceeds Rs. 60 lakh. The above mentioned limit is for assessment year 2012-13. This limit has been revised to Rs. 100 lakh for assessment year 2013-14.

 

2)  A person carrying on profession if his gross receipts for the previous year relevant to the assessment year exceed Rs. 15 lakh. The above mentioned limit is for assessment year 2012-13. This limit has been revised to Rs. 25 lakh for assessment year 2013-14.

 

3) A person covered under section 44AE, if such person claims that the profits and gains from the business are lower than the profits and gains computed under the section, irrespective of his turnover.

 

4) A person covered under section 44AD, if such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section 44AD(1) and if his income exceeds the maximum amount which is not chargeable to tax.

 

The due date for getting the books of accounts audited and submission of audit reports is discussed in the table below –

 

Different tax payers

Audit Form No.

Statement Particulars

Due date for getting books audited

Due date for submission of audit report

In the case of a person who carries on business or profession and who is required by to get his account audited

Form No. 3CA

Form No. 3CD

September 30 of the assessment year

September 30 of the assessment year

In the case of a person who carries on a business or profession but not being a person referred to above

Form No. 3CB

Form No. 3CD

September 30 of the assessment year

September 30 of the assessment year

 

In cases where the accounts are required to be audited by any other law (as in case of companies and co-operative societies), it is sufficient if the accounts are audited under such other law before September 30 of the assessment year and the assessee obtains before the said date, a audit report of the audit as required under such law and also a report of audit from a chartered accountants in the forms given above. 

 

The report of audit under section 44AB is not to be attached with new return forms. It should not be furnished separately also before or after the due date. However, an assessee should get the report of audit before the due date of furnishing the return and should fill out the relevant columns of return 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 for not furnishing the tax audit report on or before the due date. 

 

Aashish Ramchand 

Email: connect@makemyreturns.com

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