Income Tax Return Is Different From Average Annual Financial Turnover Document: Gauhati High Court Explains
Live LawThe Gauhati High Court has held that the words “Turnover” and “Income Tax Return” are different and exemption to a bidder from submitting the former in a tender process would not exempt it from furnishing the ITR, for the prescribed years. An Income Tax Return serves to comply with tax obligations and inform the government about the taxpayer's financial status, ensuring accurate taxation based on total income,” Justice Michael Zothankhuma held. The High Court however held that Average Annual Financial Turnover would have to be considered to be different from an Income Tax Return and the exemption given under Clause 3 to MSEs does not include within its ambit the ITR. It reasoned that Clause 3 of the NIT, relating to the eligibility criteria of the bidders, shows that besides the Average Annual Financial Turnover, the income tax returns are also to be submitted along with the audited/certified balance sheet.
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