Tax audit for professionals
This query is : Resolved
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.
What is the tax audit limit for professionals and what is the last date of filing returns for non tax audit professionals.
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.
in case if tax audit is applicable then due date is 30/ of AY
else 31/7 of AY.
15 July 2013
what is the penalty for late returns filing
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
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
15 July 2013
if tax audit is applicable then you need to file return on or before 30.9.2013.
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