Regarding income tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 ANYBODY GUIDE ME REGARDING THE INCOME TAX AUDIT WHAT WILL BE THE LAST DT OF AUDIT RETURN FILING IF ONE MISSED THE DT WHAT IS THE PENALTY AND INTEREST. CAN I FILE THE RETURN WITH INTEREST UPTO 31ST MARCH IN AUDITED CASE IF MY AUDITED HAS BEEN COMPLETED BEFORE DUE DATE.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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24 September 2011 it is previously possible(before introduce of ITRs i.e at the time of saral form submission) by submitting the tax audit report before due date i.e. audit has been done and audit report is submitted with in the due date. Because for filing of income tax return due dates specified as per section 139(1) but it is not the exact cut off date of filing income tax return i.e as per section 13(4) also valid return and also for section 44AB the tax audit should be made and submission of report should be with in due date but not compulsory for income tax return submission.So that is possible But now a days while introducing ITRs the tax audit report should be included in the income tax report so it is not possible. But some of the auditors now a days also following the previous method but they not filling the tax audit report with in the due date but they specifies the audit report date with in due date in the income tax return while it is submission. For failure to do Tax audit with the due date specified is 30 sep(at present) the penalty would be 5% on gross turnover maximum of Rs.100000.
My serious suggestion is better to file income tax return with in the due date specified i.e. 30 sep. because i think when our audit completed all the data for return has been ready then why should take time to file return.
However take some experts suggestions in this regard.
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