Form 61a

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2017 Dear Experts,
Income tax law has added the entities in the definition of reportable persons u/s 285BA read with 114E which are liable for audit u/s 44AB. My humble queries are -
1. Whether the person is required to file a NIL report in form 61A, means is it compulsory to file?
2. If a firm has a turnover of less than 1 crore but to avoid presumptive taxation u/s 44AD, it conducts audit. Will this firm fall in the category so as to file form 61A.
Please answer promptly as the deadline is 31st May 2017.
Thanks for your time.

Expert : Anonymous

Expert : Anonymous (Expert)

26 May 2017 1. It is advisable to file SFT as the IT department has provided option for filling SFT for NIL transactions. 2. 44AD section have reference from 44AB only. Hence, assesse audited under 44AD is liable to file SFT.

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