Due date for filing return of income under the it act, 1961

Tax queries 847 views 7 replies

Manu Sankar.P.

Student

29 Points Joined October 2009

Dear members,

I have a doubt, whether the word “any other law for the time being in force” used under explanation 2 of section 139(1) of the Income Tax Act, 1961 would include the state level VAT laws also. That is to say, if my accounts are required to be audited under the VAT Act, what will be my due date for filing return of income under the Income Tax Act? Whether it will be 30th September or 31st July?

Please note that the assessee’s business entity is not a company and Tax audit under the Income Tax Act is not applicable to the assessee.

Replies (7)

Amrin

Chartered Accountant

215 Points Joined February 2010

If the assesee is not under Tax Audit then the due date for filing Income Tax Return is 31st July, this is because there is no relation between cinome tax & VAT laws in this case..

Manu Sankar.P.

Student

29 Points Joined October 2009

Can i expect some more replies on this query so that a conclusive decision can be made.

sarath

82 Points Joined December 2007

Nice Question..

As asked by manu, The Explanation 2 of 139 uses the "a person (Otherthan Company), whose accounts are audited under this act or any law for the timebeing in force".

Say Companies act specifies mandatory audit, However Companies are already are covered under Explanation 2 clause (i).

However Vat Audit cannot be counted here,, Because the Explanation 2 Uses the words "Whose accounts are audited",, That is complete books of accounts.

Whereas Vat Officials only concened about their VAT Purhcases, VAT Sales & Vat Input,, & Retruns Only..

They dont audit all ,,,say,, They dont mind about The Value of Fixed Assets that i show in Books, Provisions, Government Grants, Bank Balances & SME Outstandings, Non Complainces of PF,ESI &Other social welfare schemes & .. So Many.

Hence VAT Audit can't be counted here.

Refer section 139(1) on Link:https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-139-1

@CS Siddharth Bumb.

B.Com CA Final CS

5270 Points Joined September 2009

Thank you Sarath ji.. nice explanation, does not aware that much deep as explained by you...

Manu Sankar.P.

Student

29 Points Joined October 2009

Dear Sarath, can you pinpoint some of the other laws which will come under explanation 2 of Sec 139(1) of the IT Act where the assessee's entire books of accounts are audited.