Filing of roi is compulsory or not in an audited case.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2014 I have audited my books of accounts u/s 44AB for A.Y. 2013-14. My turnover is Rs. 3 crores and my net profit is Rs. 1.90 lakh which is below the taxable limit. Is it compulsory to file my return of income or not?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 February 2014 honestly, when I first read the query, I was like, WHAT? what sort of query is this!!!

but then I read a bit and realized that right, there is no need to filing the tax return as such but filing audit report is compulsory.

However, the AO reserves the right to review the audit report and ask for details where he feels that you may have taxable income. he can also issue notice under 142(1).

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 Filing audit report is compulsory from ay 2013-14 onwards. But What provisions for Ay 2012-13?

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 Filing audit report is compulsory from ay 2013-14 onwards. But What provisions for Ay 2012-13?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 February 2014 filing audit report was always compulsory where you crossed 44AB turnover limits. the only change in AY 2013-14 is that the audit report was filed online. in earlier years, it was to be submitted in physical copy.

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 Your reply is praiseworthy. But As I Know, RoI for Ay 2012-13 was to be filed through e-filing only and in this case, only details of audit is given in return. My question is if the total income comes below the taxable limit after Audit, is it compulsory to file return? Because there was perhaps not any provision to file audit report either online or in Income tax Offices for this year.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 February 2014 let me clarify through an example:

Let say in FY 2011-12, I have total gross receipts of Rs 61 lakhs and total income of Rs 1.5 lakhs. Now I am not supposed to file return by virtue of Section 139(1). However, I am still required to submit audit report under 44AB. So I would submit the audit report to the AO in physical format before 30 September 2012. The provision for the same is covered under last line of Section 44AB(1)

"get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed"

Now coming to FY 2012-13.

My gross receipts continue to be above the 44AB limit but my income is still below the exempted limit.

So I would still not file the return (139(1).

But would file the audit report online this time by virtue of 44AB(1) and Rule 12

In nutshell, irrespective of how audit report is filed, return for Individuals and HUF is not mandatory if income is below exempted limit

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2014 yes, thanks. My question is resolved now. One thing again please tell me whether audit report uploaded by the CA will be treated as filing of Audit report or it will to be filed by the assessee also. Please note that the income is not taxable and assessee do not want to file his return of income for A.Y. 2013-14.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 February 2014 audit report is first uploaded by the CA and then it is to be accepted online by the assessee.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 February 2014 audit report is first uploaded by the CA and then it is to be accepted online by the assessee.

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