Due date extension
This query is : Resolved
03 September 2014
Kindly clarify whether the due date for filing tax audit report u/s 44 AB is only extended or due date for filing of return is also extended. the explanation to the sections are as below
Facts
Order Under Section 119 of the Income-tax Act, 1961
In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.
2. It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.
(J.Saravanan)
Under Secretary (TPL-III)
Copy to:-
(i) The Chairman (CBDT), All Members, Central Board of Direct Taxes for information.
(ii) All Cadre Controlling Pr. Chief Commissioners of Income-tax with a request to circulate amongst all officers in their regions/charges.
(iii) The Pr. Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
(iv) The Director General of Income Tax (Systems) with a request for uploading it on the Departmental website.
(v) Commissioner of Income Tax (M&TP), CBDT.
(J.Saravanan)
Under Secretary (TPL-III)
Explanation to sec 44AB.—For the purposes of this section,—
(i) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;
37[(ii) "specified date", in relation to the accounts of the assessee of the previous year relevant to an assessment year, means 38[the due date for furnishing the return of income under sub-section (1) of section 139].]]
Explanation 2 to sec 139.—In this sub-section, "due date" means,—
(a) where the assessee 63[other than an assessee referred to in clause (aa)] is—
(i) a company 64[***]; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 65[30th day of September] of the assessment year;
66[(aa) in the case of an assessee 67[who] is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;]
(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
Opinion
1. Specified date u/s 44 AB = Due date u/s 139(1) explanation 2
2. Due date u/s 139(1) as per explanation 2 is common for the three persons mentioned in that sub clause
3. When the due date for 44 AB is extended automatically the due date mentioned in 139(1) is extended
4. Since the due date u/s 139(1) explanation 2 is common for all the assesses the due date for filing return for all the 3 assessees got extended automatically
5. There is no ambiguity in the circular issued and there is no need for any clarification
Facts
Order Under Section 119 of the Income-tax Act, 1961
In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.
2. It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.
(J.Saravanan)
Under Secretary (TPL-III)
Copy to:-
(i) The Chairman (CBDT), All Members, Central Board of Direct Taxes for information.
(ii) All Cadre Controlling Pr. Chief Commissioners of Income-tax with a request to circulate amongst all officers in their regions/charges.
(iii) The Pr. Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
(iv) The Director General of Income Tax (Systems) with a request for uploading it on the Departmental website.
(v) Commissioner of Income Tax (M&TP), CBDT.
(J.Saravanan)
Under Secretary (TPL-III)
Explanation to sec 44AB.—For the purposes of this section,—
(i) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;
37[(ii) "specified date", in relation to the accounts of the assessee of the previous year relevant to an assessment year, means 38[the due date for furnishing the return of income under sub-section (1) of section 139].]]
Explanation 2 to sec 139.—In this sub-section, "due date" means,—
(a) where the assessee 63[other than an assessee referred to in clause (aa)] is—
(i) a company 64[***]; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 65[30th day of September] of the assessment year;
66[(aa) in the case of an assessee 67[who] is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;]
(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
Opinion
1. Specified date u/s 44 AB = Due date u/s 139(1) explanation 2
2. Due date u/s 139(1) as per explanation 2 is common for the three persons mentioned in that sub clause
3. When the due date for 44 AB is extended automatically the due date mentioned in 139(1) is extended
4. Since the due date u/s 139(1) explanation 2 is common for all the assesses the due date for filing return for all the 3 assessees got extended automatically
5. There is no ambiguity in the circular issued and there is no need for any clarification
03 September 2014
return filing date not extend only audit report submition date extended from 30.9.2014 to 30.11.2014
03 September 2014
Only due date for Tax Audit has been extended. Due date of filing return remains same.
The million dollar question at the moment is that The income tax returns itself require the date of furnishing of audit report and date of signing of audit report which can only be filed after completion of Tax audit report. Lots of confusion. See the article from below link--
http://taxguru.in/income-tax/tax-audit-report-cbdt-extend-date-filing-itr.html
CBDT may soon come out with clarification in this regard and may also extend the due date of IT return. But in my view it is better that we get both Tax Audit and filing of return completed on or before 30.09.2014 without waiting for CBDT Notification.
The million dollar question at the moment is that The income tax returns itself require the date of furnishing of audit report and date of signing of audit report which can only be filed after completion of Tax audit report. Lots of confusion. See the article from below link--
http://taxguru.in/income-tax/tax-audit-report-cbdt-extend-date-filing-itr.html
CBDT may soon come out with clarification in this regard and may also extend the due date of IT return. But in my view it is better that we get both Tax Audit and filing of return completed on or before 30.09.2014 without waiting for CBDT Notification.
26 September 2014
As expected date of filing of Income Tax Return for Tax Audit cases extended till 30.11.2014. See CBDT notification from below link--
http://www.incometaxindia.gov.in/communications/circular/order-under-section-119-for-return-26-09-2014.pdf
http://www.incometaxindia.gov.in/communications/circular/order-under-section-119-for-return-26-09-2014.pdf
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