139(1) IT act+companies act

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student (Querist)

17 December 2009 Third proviso to sec 139(1) makes it mandatory for co & firm to file return?

combined reading of sec 216 218,219,220 of co act --unaudited a/cs can't be filed to registrar?therefore it is comulsory to get a/cs audited as per co's act?

now my ? is whether it's mandatory for co to get his a/cs audited under IT ACt (if it's turnover is less than 40 lacs)?if yes which section says this?

If co's turnover exceed 40 lacs--so audit conducted for co's act will work for IT ACT also b/c of the below mentioned proviso ----
Provided further that] in a case where such person is required by or under any
other law to get his accounts audited 58[***], it shall be sufficient compliance
with the provisions of this section if such person gets the accounts of such
business or profession audited under such law before the specified date and
59[furnishes by] that date the report of the audit as required under such other law
and a further report 60[by an accountant] in the form prescribed under this section.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)

17 December 2009 No. The Income Tax Act doesnot make is mandatory for a company whose turnover is below the threshold limits of Section 44AB. In such case, the company can file the return even before the finalisation of the books of accounts under company law. Also if in case, the statutory audit of company is not final before 30/09, and the company's turnover is exceeding the limits of Section 44AB, then the company shall have to get the books audited for income tax purposes and file the income tax return.

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