06 November 2013
Can a company incorporated under Co. Act, 1956 get its books of a/c audited under section 44AB of income tax act, 1961 and file its income tax return before its AGM is held for the relevant year ended for which income tax audit was conducted and income tax return was filed?
My point is how can a co. file its income tax return even though the books of a/c are not yet accepted by the shareholders?
07 November 2013
In the case of a Company Account books must be audited by a qualified CA into whole time practice.
Return of Income Tax should be filed or e-filed after conclusion of AGM.
One another point that is important,though not asked here, is that I Tax under section 140(A) or self assessment tax also must be paid after conclusion of AGM. Too many professional do not take this point seriously.
08 November 2013
Yes sir, I completely agree with you sir that this point is ignored.
One more provision is there under section 115JJB of Income Tax act, 1961 for MAT calculation. It says that
Schedule–MAT: Compute the book profit under section 115JB. The tax liability under said section shall be 18.5 per cent of the book profit so computed. The computation should be based on profit and loss account laid at annual general meeting in accordance with the provisions of section 210 of the Companies Act, 1956.
So, it becomes mandatory to conduct AGM before getting Income Tax Audit done.
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