Tax audit of PVt. Ltd. Co.
This query is : Resolved
24 September 2010
XYZ Co. has a turnover of Rs. 25000 for F.Y 09-10 and while filing the return i have entered the details of the auditor and clicked "Yes" on the whether audit u/s 44AB. Whether i am correct or not?
Aditya Maheshwari
(Expert)
24 September 2010
If turnover is just 25k then there is no need for any tax audit and hence no should be mentioned and no details of audit to be mentioned.
24 September 2010
What if the auditor's details are mentioned in the return? Are there any consequences?
24 September 2010
Look at the verification part of the return. The signatory is stating that the information is true ,whereas in the preamble of the return untrue information are given. The person who prepared the return has no responsibility,but the signatory can be prosecuted as per law for false verification of the return,though I have not heard of such a prosecution case.
24 September 2010
Is it correct Pvt. Ltd Company has to get its accounts audited?
Aditya Maheshwari
(Expert)
25 September 2010
Statutory audit compulsory not tax audit. Tax audit only if limits exceeeds as per 44AB.
28 September 2010
Dear Devendra,
Since the mistake has already happened, you have two alternative:
1) please make a covering letter (in co's letter head) giving detail of the mistake. you can geniunly claim that the details provided are pertaining to the co statutory audit and tax audit is not applicable, get it signed by the authorised signatory & file with the respective jurisdiction.
2) Alternatively file a revised return, removing the unneccessary details.
Since the mistake has already happened, you have two alternative:
1) please make a covering letter (in co's letter head) giving detail of the mistake. you can geniunly claim that the details provided are pertaining to the co statutory audit and tax audit is not applicable, get it signed by the authorised signatory & file with the respective jurisdiction.
2) Alternatively file a revised return, removing the unneccessary details.
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