Tax audit for professionals

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Praveenveldhi (Querist)
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15 July 2013 Dear sir/madam,
What is the tax audit limit for professionals and what is the last date of filing returns for non tax audit professionals.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 July 2013 If gross reciepts exceeds 25 laks then tax audit is applicable for professional.

in case if tax audit is applicable then due date is 30/ of AY
else 31/7 of AY.

Praveenveldhi

Praveenveldhi (Querist)
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15 July 2013 what is the penalty for late returns filing

Ganeshbabu K

Ganeshbabu K (Expert)
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15 July 2013 1)Interest under section 234A will be applicable. @ 1% per month or part month of default.

2)In case of Assesse is failed to file return under section 139(1) and also not filed return till the end of relevant assessment year---Then under section 271F AO may impose a penalty of Rs.5000 from Assesse.

3)Ex: For A.Y.2013-14 you need to file return on or before 31.03.2014 otherwise as per section 271F Rs.5000 penalty will be applicable

4)Tax audit U/s 44AB is applicable for professionals when gross receipts during financial year exceeds 25 lakhs.

As per provisions of section 139(1)

5)If tax audit is applicable you need to file return on or before 31.09.2013 for A.Y.2013-14

6)in case of tax audit not applicable you need to file return on or before 31.07.2013

Thanks & regards
Ganesh babu k

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 July 2013 if tax audit is applicable then you need to file return on or before 30.9.2013.

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