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Tax audit FY 16-17
A business man is a wholesale dealer of cool drinks during FY 16-17 , his turnover for the year is Rs.1,40,00,000. Is he liable to file his returns U/S 44AB?
Replies (4)
1. The last date for filing a belated return is before the end of the assessment year or before the completion of the assessment.
2. From your question, it seems you are asking to file a return for the FY 2016-17 (AY 2017-18). The last date within which such return can be filed would be before 31st March 2018.
3. If the return would have been filed at that time, Yes, tax audit u/s 44AB would be applicable since the T.O is above Rs. 1 crore.
Please correct me if the above solution has an alternative view.
It's a costly lapse on your part for not filing return of income for AY 16-17. Turnover had exceeded 1 crore and hence 44AB was applicable. There is mandatory penalty for non-compliance of 44AB. And interest and penalty as per provisions for delay.
Apply for condonation of delay in filing return AY 16-17 and after approval file it.
You decide accordingly about what you want to do
Apply for condonation of delay in filing return AY 16-17 and after approval file it.
You decide accordingly about what you want to do
Thank you for your valuable suggestions , but the party have received notice U/S 142(1)
Ohh then comply it immediately
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