E-filing of tax audit report must for high-income professionals : Professionals including lawyers, doctors, film actors, singers, interior decorators, architects and company secretaries, among others, whose total gross receipts/turnover exceeds Rs 1 crore and/or whose professional annual fee income exceeds Rs 25 lakh in a fiscal will have to mandatory e-file the tax audit report from the 2013-14 assessment year.According to the latest directions issued by the income tax department, all such assessees will need to appoint a chartered accountant (CA) who will undertake the tax audit and e-file the same with digital signature.Any violation or inability to e-file the same will attract a penalty of 0.5% of the turnover/gross receipts of the assessee subject to a maximum penalty of R1,50,000.Explaining the reasons for mandatory e-filing of tax audit reports for such assessees
Posted on: Wed, 17 Jul 2013 04:18:50 +0000
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