Filing Income Tax Return Under Section 139(8A): What You Need to Know

 

Introduction:

If you are a taxpayer in India, it is essential to be aware of the various provisions under the Income Tax Act. One such provision is Section 139(8A), which deals with filing income tax returns for individuals who are required to get their accounts audited under various sections of the Act. In this article, we will discuss everything you need to know about filing income tax returns under Section 139(8A) and how to ensure compliance with the law.

What is Section 139(8A)?

Section 139(8A) of the Income Tax Act, 1961, mandates that individuals who are required to get their accounts audited under section 44AB of the Act must furnish a report of their audit along with the return of income. This section mainly applies to individuals carrying on a profession or business and meeting the specified criteria for audit.

Who Needs to File Under Section 139(8A)?

Individuals falling under the following categories are required to file income tax returns under Section 139(8A):

  • Individuals carrying on a business whose turnover exceeds the prescribed limit.
  • Individuals carrying on a profession whose gross receipts exceed the specified threshold.
  • Individuals opting for presumptive taxation under sections 44AD, 44ADA, or 44AE.

How to File Under Section 139(8A)?

Filing income tax returns under Section 139(8A) involves the following steps:

  1. Gather all necessary documents: Collect all relevant financial documents, audit reports, and supporting documents.
  2. Prepare the audit report: Get your accounts audited by a chartered accountant and obtain the audit report.
  3. File the income tax return: Use the audit report to file your income tax return along with the audited financial statements.

Deadline for Filing Under Section 139(8A):

The due date for filing income tax returns under Section 139(8A) is typically 31st October of the assessment year. However, the government may extend this deadline in certain cases. It is essential to file your returns within the stipulated time to avoid penalties and legal consequences.

Benefits of Compliance:

Complying with the provisions of Section 139(8A) offers various benefits, including:

  • Avoiding penalties for late or non-filing of income tax returns.
  • Ensuring timely disclosure of financial information to the tax authorities.
  • Establishing a transparent and credible financial record for future transactions.

Conclusion:

In conclusion, filing income tax returns under Section 139(8A) is a critical obligation for individuals meeting the specified criteria for audit under the Income Tax Act. By understanding the requirements and deadlines under this provision, taxpayers can ensure compliance with the law and avoid any legal repercussions. Remember to consult with a tax professional or chartered accountant for expert guidance on filing returns under Section 139(8A) to avoid any errors or discrepancies.

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Location: India

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