Tax Audit for Death Person - Professionals - Taxation - TIK Share
0 Likes 498 Views

Tax Audit for Death Person


SANJAY KUMAR GANNA

2013-09-21

It is well said that a whether the person is alive or not, he should pay the Tax. and tax can be paid from his Estates.

The Discussion is all about Tax Audit.

Whether  Tax Audit is applicable for the following, if yes what is the procedures.

1. Mr X Carrying bussiness in the name of X Industrial Supplier, T/o from 01.04.2012 to 28.02.2013 is 98,00,000 including Vat and other taxes.

 He died on 28.02.2013, the T/o from 01.03.2013 to 31.03.2013 5,00,000 including Vat.

Q.1.Now the Question is whether Tax Audit is applicable?

Q.2.Who will sign the return?

Q.3.Whether Estate shall be transfered to his son on 28.02.2013 itself or any other date state?

Q.4. if transfered on 28.02.2013 itself what are the formalities to be done?

Reply your thoughts

Thanks and regards for reading and thinking over it.

CA Pulkit Sharma

2013-09-22

Q.1.Now the Question is whether Tax Audit is applicable?

Yes if the turnover is in taxable limit, than tax audit is applicable.

Q.2.Who will sign the return?

Representative Assessee will sign the return.

Q.3.Whether Estate shall be transfered to his son on 28.02.2013 itself or any other date state?

Income on name of dead person will be calculated till his death. So estate should be transfered to his son on assessee's death.

Q.4. if transfered on 28.02.2013 itself what are the formalities to be done?

Till 28.02.2013 the return should be file on the name of dead assessee. And from 28.02.2013 the income will be assessed on the benefeciary legal heir.

Reply

SANJAY KUMAR GANNA

2013-09-23

Thanks for the Reply.

But Practically is it possible to assess the Income upto 28.02.2013 seperately and then in another person.

for same bussiness entity.

Profit upto 28.02.2013 belongs to Whom?

Reply

CA Pulkit Sharma

2013-10-01

YES it is possible to assess the Income upto 28.02.2013 seperately for same bussiness entity.

Profit upto 28.02.2013 belongs to Dead person, but since all assets will be transfered to Son, profit will also be transfered to son. Tax liaiblity to be paid out of assets of dead person.

Reply

Ganesh babu k

2013-11-01

1)Legal representative required to register as Legal heir in Efiling portal

.

To know How to register as legal heir in Efiling portal refer

http://www.caclubindia.com/articles/how-to-register-as-a-legal-heir-to-do-e-filing-on-behalf-of-deceased-17121.asp#.UnNUbvmnqQA

You are advised to refer comments to above article which will be help ful to you

.

you need to obtain legal heir certificate which can be obtained from tahasildar office or by making an application to court for succession certificate(you may contact advocate for this)

.

Name of assesse should be prefexed with word "Late"

Reply