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TAX AUDIT REPORT AND EFILING (Income Tax)

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This query is : Resolved



( Author )
07 October 2007

WHETHER THE PENALTY WILL BE IMPOSED UNDER SECTION 271B OF INCOME TAX
ACT, IF THE ASSESSEE OBTAINS THE TAX AUDIT REPORT FROM A CHARTERED
ACCOUNTANT BEFORE 31ST OCTOBER, 2007 BUT IS UNABLE TO FILE HIS RETURN
(ITR 4 OR ITR5 OR ITR6) ELECTRONICALLY OR MANUALLY (AS THE CASE MAY
BE).



Mallidi Ramabrahmananda Reddy

( Expert )
07 October 2007

The obligation u/s44AB is that the audit report is to be furnished on or before the due date.As per the new procedure of efiling of ITR it is deemed as the audit report is furnished along with the efiling and then there is no requirement of further submission. If you could not furnish (e filing) the return with in due time the obligation fixed u/s44AB is to be observed to avoid penalty proceeding u/s271B


CA PRIKSHIT WADHWA

( Author )
08 October 2007

BUT SIR, IT IS HUMBLY SUBMITTED THAT ACCORDING TO CIRCULAR 5/2007 NO AUDIT REPORT IS REQUIRED TO BE FILED WITH DEPARTMENT EITHER BEFORE OR AFTER THE DUE DATE AND NO PENALTY WILL BE LEVIED FOR NON FURNISHING OF AUDIT REPORT.ON THE OTHER HAND, RETURN FORM (ITRs) CAN NOT BE COMPARED WITH TAX AUDIT REPORT. BOTH ARE TWO DISTINCT FORMS. CAN U PLEASE CLARIFY ON THIS ?


R.V.RAO

( Expert )
08 October 2007

WHAT THE IT ACT ENVISAGES IS THAT TAX AUDIT REPORT IS MADE READY ON OR BEFORE THE DUE DATE ie BEFORE 31 ST OCT .THE REPORT CANNOT BE DATED AFTER THE DUE DATE.
BUT EFILING IS A DIFFERENT BALL GAME. NO ATTACHMENTS ALLOWED UNDER E FILING.
DURING SCRUTINY ASSESSMENT OR WHEN ASSESSING OFFICER CALLS FOR THE TAX AUDIT REPORT,THE SAME NEEDS TO BE PRODUCED.
R.V.RAO


R.V.RAO

( Expert )
08 October 2007

WHAT THE IT ACT ENVISAGES IS THAT TAX AUDIT REPORT IS MADE READY ON OR BEFORE THE DUE DATE ie BEFORE 31 ST OCT .THE REPORT CANNOT BE DATED AFTER THE DUE DATE.
BUT EFILING IS A DIFFERENT BALL GAME. NO ATTACHMENTS ALLOWED UNDER E FILING.
AFTER E FILING( WITH OUT DIGITAL SIGNATURE) WHEN MANUAL RETURN IS FILED ,TAX AUDIT REPORT TO BE ATTCHED.DURING SCRUTINY ASSESSMENT OR WHEN ASSESSING OFFICER CALLS FOR, THE TAX AUDIT REPORT,THE SAME NEEDS TO BE PRODUCED.
R.V.RAO


CA. O.P. Agarwalla

( Expert )
19 November 2007

Though provisions of section 44AB has not been changed and no any rule has been framed by CBDT to supersede the section (as power given u/s. 139C).
But, the board has promised vide its circular no-5 issued in the month of July 2007 and accordingly no penalty u/s. 271B shall be initioated u/s. 271B if the audit report is obtained before the due date.


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