Audit
This query is : Resolved
05 August 2010
Is it compulsory to efile Income tax returns for firms or individuals liable for audit if audit is not done
CA Sanat Pyne
(Expert)
05 August 2010
YES IT IS COMPULSORY.
The Efiling of ITR 4 has been made compulsory by the Income Tax Department for the Assessment year 2010-11 for those individuals and HUFs who are required to get their accounts audited u/s 44AB of Income Tax Act by a notofication No.49/2010[F.No.142/15/2010-TPL], dated 9-7-2010.Earlier it was only Firms who were liable to get their accounts audited u/s 44AB and the companies were compulsorly required to file their ITR online.
The Efiling of ITR 4 has been made compulsory by the Income Tax Department for the Assessment year 2010-11 for those individuals and HUFs who are required to get their accounts audited u/s 44AB of Income Tax Act by a notofication No.49/2010[F.No.142/15/2010-TPL], dated 9-7-2010.Earlier it was only Firms who were liable to get their accounts audited u/s 44AB and the companies were compulsorly required to file their ITR online.
05 August 2010
but wat if i dont audit my accounts and file it mannually??
will it be considered invalid return?
will it be considered invalid return?
CA Sanat Pyne
(Expert)
05 August 2010
IF YOU ARE ELIGIBLE FOR TAX AUDIT THEN U/S 271B PENALTY WILL BE 1/2% OF TURNOVER OR RS. 100000 WHICH EVER IS LOWER.
AND AS IT WILL BE TREATED AS INVALID RETURN , PENALTY U/S 271F WILL BE RS. 5000 FOR NON FILING OF RETURN.
IF YOU ARE ELIGIBLE FOR TAX AUDIT THEN U/S 271B PENALTY WILL BE 1/2% OF TURNOVER OR RS. 100000 WHICH EVER IS LOWER.
AND AS IT WILL BE TREATED AS INVALID RETURN , PENALTY U/S 271F WILL BE RS. 5000 FOR NON FILING OF RETURN.
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