CA Ravindra Patil

Following cases attract liability to get the accounts audited under the Income Tax Law Section Particulars Form     Section 10(23C) Trusts/Institutions/Hospitals and other entities covered by section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via) Form 10BB Section 10A Undertakings in Free Trade Zone etc. Form 56F Section 12A(b) Charitable or Religious trusts or Institutions Form 10B Section 44AB Auditable case under any Law other than Income Tax Act, 1961. Form 3CA-3CD Section 44AB Turnover exceeding the certain specified limit under the Income Tax Act, 1961. Form 3CB-3CD Section 44DA Income by way of Royalties etc. in case of a Non-Resident. Form 3CE Section 50B Capital gains in case of slump sale. Form 3CEA Section 80-I(7)/80-IA(7)/80-IB/80-IC Claims under section 80-I(7)/80-IA(7)/80-IB/80-IC Fo...

Income Tax Update: Those with total income (before deductions) in excess of Rs 2,50,000 have to mandatory file their returns, whether or not they have tax due. Those seeking a refund or those who hold foreign assets or have earned a foreign income or have bank accounts or financial interest outside of India must also file their tax returns. What if you missed the due date of filing of return i.e. 07/09/2015? You can still file the belated return before 31/03/2016. In that case - 1 Some losses cannot be carried forward. 2 If you are liable for tax payment, it will attract interest 3 You will not able to file revised return