Wednesday, August 14, 2013

E-filing of tax audit report must

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 lakhs in a fiscal will have to mandatory e-file the tax audit report from the assessment year 2013-14. According to the latest directions issued by the
Income Tax Department, all such assesses 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 Rs 1,50,000.

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