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Nov, 29th 2006
Tax audit report not to be filed with the Department

This is to inform you that the CBDT has issued a circular No. 9/2006 dated 10th October, 2006, whereby in para 6(i) it has been clarified that the report of audit under Section 44AB is not to be attached with the return. Further it is not to be furnished also before or after the due date. As such, there is no requirement to submit the report under Section 44AB separately and no penalty shall be levied under Section 271B for not furnishing the tax audit report on or before the due date. The relevant para of the circular reads as under :

The report of audit under section 44AB is not to be attached with the return. It should not be furnished separately also before or after the due date. However, an assessee should get the report of audit from an accountant under said section before the due date of the furnishing of the return and should fill out the relevant columns of these forms on the basis of such report. The assessee should retain the report with himself. It may be furnished in original during the assessment proceedings. No penalty under section 271B shall be initiated or levied for not furnishing the tax audit report on or before the due date. However, if the audit report has not been obtained before the due date, provisions of section 271B shall be attracted.

However, it has been clarified in para 6(iv) that the report on transfer pricing under Section 92E is to be physically furnished before the due date, i.e., 30th November, 2006.

It has been further clarified that in case a return has been furnished electronically without digital signature, the date of furnishing the e-return will be considered the date on which the return has been furnished, if the paper return has been filed within 15 days from the date of filing the e-return and the paper return tallies with the e-return. Accordingly the e-returns filed by 12:00 clock in the night on 30th November, 2006 shall be return in time in case the paper return of the same is filed within 15 days of the date of filing the e-return i.e. by 15th December, 2006.

As clarified above there is no requirement to file separately tax audit report and no penalty shall be levied under section 271B, in case the tax audit report has been obtained by the assessee before the due date, i.e. 30th November, 2006.

click here for the full text of the circular. The relevant portion has been highlighted in yellow.

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