No Discount if No Audit Report Submitted with Tax Returns

If the assessee will not submit the audit report along with the income tax return then tax deduction and the advantages like investment associated deduction will not be given, said the Delhi Tax Tribunal.

There are various investment-associated deductions which are concerned with an agreement through several conditions given by the Income Tax law Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics as TDS returns, TDS due dates. Such deductions are run by only 1 condition so to take the account liable to undertake the audit and submit the audit report in the prescribed Form 4 and the returns said EY.

The Tribunal signifies that in the inadequacy of the audit report being filed with the payment for tax, and avail the advantage on the deduction of incentives was legitimately refused to the assessee during the tax return process.

On 6 November 2017 in the prolonged as of date i.e.,7 November 2017, the assessee entitled as itself has filed his returns of the FY (Fiscal Year) 2016-17 which is prolonged by the Central Board Direct Taxes These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc of No Investment-linked Discount If No Audit Report along with availed investment associated deduction linked to the eligible undertaking said EY.

“Heavy reliance was placed on the order of the commissioner of income tax (appeals). Furthermore, as per the provisions of the ITL, it is mandatory to furnish the audit report along with the tax return for the purposes of claiming the investment-linked deduction. Since the audit report was approved much beyond the due date of filing the tax return, there is a default in compliance with the requirement leading to valid disallowance of the claim,” said the tax department for the current case.

The assessee who was not familiar with the procedure to submit the tax audit report Here we will go through all the details and points to check out the scrutiny risks which are associated with the income tax audit reports conducted in India was also not correct said the tribunal. The sumoto, audit report in a shorter duration was being approved by the assessee after the last date. All this resembles that the assessee was all conscious about the procedure of submission of the audit report.

“The Tribunal seems to have proceeded on the basis that the said legal position which may be diluted by the fact that, now, the law requires submission of the audit report online. There could be two views on the correctness of the tribunal’s ruling,”