Due date - balance sheet with DVAT department .

[d.v. gupta]

please tell me the last date of filing audited balance sheet with DVAT department .

[Surender Gupta]

As per section 49 of DVAT - such report shall be furnished by such dealer to the Commissioner within twenty eight days from the end of the tax period ending on 31st December of the following year

[Ram Avtar Singh]

Audit Report under DVAT (Section 49)

At present, section 49 is linked with the provisions of audit as prescribed under section 44AB of Income Tax Act, 1961 as amended from time to time. Hence, a dealer having turnover in excess of Rs: 60 lacs is required to furnish a true copy of Tax Audit Report of a financial year by 28th January of the following financial year. Now the Commissioner has been empowered to prescribe the manner, form and period for submission of such audit report as well the amount of turnover of the dealer.

Consequential amendment has been made in Section 86(18) in respect to penalties imposable for non-compliance to the provisions of this section.

[sanjeev bajaj]

Now, the question arises as follows:

1. Whether the commissioner under dvat act, 2004 has prescribed any manner, form and period for such audit.

    According to my knowledge, no such manner, form and period has been prescribed so far. (DVAT (Second Amendment) Act, 2012)

 2. Whether the Audit report u/s 44AB  of the I T Act is the report to be filed.

    In My Opinion, No. 

 Section 44AB is referred u/s 49 read with Rule 42A for turnover purpose, but not for the manner, Form and Period as the same has to be prescribed by Commissioner  of DVAT.

 SANJEEV BAJAJ

  

AI Summary

Audit report filing under DVAT: obligation to furnish audit report to Commissioner, with manner and period subject to Commissioner prescription. Section 49 of DVAT requires dealers to furnish an audit report to the Commissioner within twenty eight days from the end of the tax period ending on 31st December of the following year; the provision references income tax audit provisions for turnover qualification. The Commissioner may prescribe the manner, form and period for submission and set turnover limits, and amendments address penalties for non compliance. Practitioners record that no Commissionerial manner, form or period had been prescribed as of the cited update, and dispute whether the income tax audit report itself is the mandated DVAT filing or only a turnover reference.