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INCOME TAX LAW - UPDATE 05/06/2017

Website General Circular No. VXJC - 005/ IT/ 05-06-2017

Sub: Audit of Accounts under the Income Tax Act, 1961
Ref: A. Y. 2017– 18 (F. Y. 2016 – 17)

Warm greetings from VXJC

Under the Income Tax Act, 1961, certain persons (Assessees) are required to get their accounts audited by an accountant before the due date for furnishing the return of income and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant (accountant as defined in explanation below subsection (2) of sec.288) and setting forth such particulars thereon.
It is to note that the due date (mentioned in the above paragraph is as referred to in clause (a) of explanation 2 to subsection (1) of section 139) for the current assessment year 2017-18 (FY 2016-17) is 30th day of September, 2017. Hence it is appropriate to take necessary steps to get the accounts audited and furnish the report before the due date to avoid legal complications.

For any clarification/information you may contact our office.

Important Note on Disclaimer
This circular is for the general information purpose only. VXJC is in no way responsible to those persons who act on the basis of contents of this circular. Hence it is advised to refer the relevant official website/original notifications or circulars/statutes/consult a professional before taking a decision. Errors and omissions are expected.