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SUBMISSION OF TAX AUDIT REPORT

PRACTICING CHARTERED ACCOUNTANT

 

There is no provision of submitting the tax audit report with the return of Income. If an audited return, though got the audit report before due date but failed to submit the return in time and further have not submitted the audit report before due date to the ITO is liable to penalty?

- CA SUDHIR HALAKHANDI


Total thanks : 1 times

 
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CHARTERED ACCOUNTANT


The Audit Report is not to be attached with new Return Forms. It is also not required to be furnished separately before or after due date. However, assessee should get the Audit Report before due date of furnishing ROI and should fill out the relevant columns in the ROI on the basis of such report. The assessee should retain the report with himself. It may be furnished in original at the time of assessment. No penalty u/s. 271B can be levied for not furnishing the Tax audit Report on or before due date of filing ROI. If the Audit Report is obtained before due date of filing ROI, but ROI is filed late i.e. after due date, penalty u/s. 271B can not be levied.

Thanks,

CA. Ashok Shah 

 
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PRACTICING CHARTERED ACCOUNTANT

DEAR FRIEND

THAN WHY THERE IS SO MUCH RUSH ON LAST DAY TO PRESENT THE RETURN TO THE ITO . IF IT IS PRODUCED A DAY OR TWO AFTER COMPLETING THE AUDIT THEN THERE IS ONLY A QUESTION OF PAYMENT OF INTEREST ON LATE FILING OF RETURN . NOW THERE IS OVERALL CONFUSION ON THIS POINT. MY OPINION IS ALSO THE SAME AS YOURS I HAVE ALSO EXPRESSED THE SAME IN MY ONE OR TWO ARTICLES PUBLISHED IN TAX JOURNALS  BUT I HAVE TALKED SO MAY TAX WRITERS INCLUDING THE TOP ONE FROM THE COUNTRY BUT THEY INSIST THAT IF YOU ARE NOT FILING THE RETURN YOU SHOULD FILE THE REPORT ON THE LAST DATE.

NOW MY QUESTION IS THAT BECASUE THERE IS A CONFUSION AND ALSO THE OPINION OF THE EXPERTS ARE DIFFERNET ON THE MATTER THEN WHY CBDT NOT CLRIFIED THE MATTER FOR ALL?

WHY NOT A CLARIFICATION ON THE MATTER FROM CBDT..

- REGARDS

 
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Chartered Accountant


There are two reasons for the rush on the last date . firstly many assessees want that the  formality should be completed within time limit. Secondly, if the return of income is not filed with time specified under section 139(1) of The Income Tax Act, 1961 and at a later stage you find any mistake you can not file a revised return. Loss of right of filing a revised return by not being able to rectify the mistake penal provisions can be invoked.

 
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There r reson for rush on the last date.

1) delay from the clients since its take time to close the books.

2) Waiting for challan in regard to SA tax payment from the bank.

3) To secure the benefit of Section 139(4).

4) Many time it experienced that site are not properly working to generate   acknowledgement which need to file the return in dept.

 
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we have properitory firm turnover exceeding 2 crore. all accounts are ready for audit report on 30-09-09 but some bank certificates are awaited which may take little time. they are important to file with the report.

what will be our position on 30 september? any penalty will be levied? or we can file the report without the required paper with a letter from our C.A.? please help

 
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