Audit report to be filed electronically; threshold limit for e-filing of return reduced to Rs. 5 lakhs; return can't be filed in ITR-1 if assessee earns exempt income which exceeds 5,000.
Income-tax (3rd Amendment) Rules, 2013 redefines the conditions and eligibility to choose from a variety of Income-tax return forms. In addition, certain important amendments are also being brought in, which are as follows:
1) Return in ITR 1 can't be filed if assessee incurs losses under the head 'Income from other sources'.
2) Return in ITR 1 can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III. i.e. section 10, 10A, 10AA, etc.
3) Return in ITR 4S can't be filed if assessee claims tax relief or has any income which is exempt under Chapter III. i.e. section 10, 10A, 10AA, etc.
4) Mandatory e-filing of audit reports.
5) Mandatory e-filing of return if income exceeds Rs. 5,00,000 or if assessee claims tax relief.
Sir, I reckon Income tax Act does not specify any thing regarding the filing of Audit report, earlier there was specific section for filing of audit report which was later omitted from the Act.
ReplyDeleteNow as on date there is no provision for filing of Tax Audit report in the act. It is just by the circular of CBDT which mandates filing of report
in such case what can be implication if any one fails to file the tax audit report online.
thanks