Income tax -due date for revised tax audit report
This query is : Resolved
04 October 2015
Dear all,
what should be the last date of filing revised tax audit report under income tax act?
what should be the last date of filing revised tax audit report under income tax act?
05 October 2015
there is no last date for revision of tax audit report. If a report already signed needs any amendment, the CA has all the rights to revise it at anytime he realize the error or an error is brought to his notice.
17 October 2015
Sir,
can it be treated as loophole of directions in guidance note, since there is no time limit, then we can file the tax audit report with some mistakes and later on we can rectify the same, and there should not be any tension of last date of filing TAR i.e. 30th Sep. of the Asst Year.
Further more the due date is written in the Guidance note is 30 sep of the asst year for non TP assesses, not for specfically original return, so one can have opinion that the last date is the 30 th Sep. for all the tax audit reports and not only for original tax audit report also.
By going this opinion, the tax audit report can be revised upto the last date on which the tax audit report can be filed for the assessment year. i.e. 30 th September or the extended date by CBDT, as the case may be.
can it be treated as loophole of directions in guidance note, since there is no time limit, then we can file the tax audit report with some mistakes and later on we can rectify the same, and there should not be any tension of last date of filing TAR i.e. 30th Sep. of the Asst Year.
Further more the due date is written in the Guidance note is 30 sep of the asst year for non TP assesses, not for specfically original return, so one can have opinion that the last date is the 30 th Sep. for all the tax audit reports and not only for original tax audit report also.
By going this opinion, the tax audit report can be revised upto the last date on which the tax audit report can be filed for the assessment year. i.e. 30 th September or the extended date by CBDT, as the case may be.
31 July 2024
### Last Date for Filing Revised Tax Audit Report
Under the Income Tax Act, 1961, the concept of revising a Tax Audit Report (TAR) is recognized, although the specific time limit for filing a revised TAR is not explicitly mentioned. Here's an outline of the relevant details and practical considerations:
### Filing Revised Tax Audit Report
1. **No Explicit Time Limit:** The Income Tax Act does not specify a particular time limit for filing a revised Tax Audit Report. However, it is generally understood that a revised TAR can be filed before the completion of the assessment for that particular assessment year.
2. **Rectification of Mistakes:** If a tax audit report is filed with errors, the tax auditor can rectify these errors by submitting a revised report. This is crucial for ensuring accurate compliance with the tax laws.
### Practical Considerations
1. **Assessment Completion:** The revised TAR should ideally be filed before the assessment is completed by the Assessing Officer (AO) under Section 143(3) or before the time limit for making the assessment expires.
2. **Original Due Date:** The original due date for filing the TAR for non-TP (Transfer Pricing) assessees is typically September 30th of the assessment year. For TP assessees, the due date is November 30th.
3. **Revising Before the Due Date:** Even though there is no explicit time limit, revising the TAR before the due date for filing the return (usually September 30th or extended dates, if applicable) is advisable to avoid complications.
### Interpretation of Guidance Notes
1. **Guidance Note by ICAI:** The Guidance Note on Tax Audit under Section 44AB issued by the Institute of Chartered Accountants of India (ICAI) provides practical guidance but does not override statutory provisions. The note suggests September 30th as the due date for filing the TAR for non-TP assessees, but it does not explicitly limit the revision of TAR to this date.
2. **Legal and Practical Implications:** Taxpayers and auditors often interpret the flexibility in filing revised TARs as a practical necessity for correcting genuine errors. However, this should not be seen as a loophole but rather a provision for ensuring compliance and accuracy.
### Conclusion
- **Revised TAR Filing:** While the Income Tax Act does not specify an exact last date for filing a revised Tax Audit Report, it is generally understood that it should be filed before the completion of the assessment.
- **Original Due Date vs. Revision:** The due date mentioned (September 30th) is for the original filing. Revising a TAR should be done as soon as errors are discovered to ensure compliance and minimize any potential issues during the assessment process.
- **No Tension of Last Date:** The notion of not worrying about the last date should not be taken lightly. While revision is allowed, it is best to ensure accuracy in the original filing and use revision only for genuine rectifications.
### Best Practices
1. **Accuracy in Original Filing:** Strive for accurate and complete information in the original TAR to avoid the need for revision.
2. **Timely Revision:** If errors are identified, revise the TAR promptly and inform the relevant stakeholders.
3. **Documentation:** Maintain clear documentation and communication with the AO regarding any revisions made to the TAR.
By following these guidelines, taxpayers and auditors can navigate the complexities of tax audit reporting while ensuring compliance and minimizing potential legal and administrative issues.
Under the Income Tax Act, 1961, the concept of revising a Tax Audit Report (TAR) is recognized, although the specific time limit for filing a revised TAR is not explicitly mentioned. Here's an outline of the relevant details and practical considerations:
### Filing Revised Tax Audit Report
1. **No Explicit Time Limit:** The Income Tax Act does not specify a particular time limit for filing a revised Tax Audit Report. However, it is generally understood that a revised TAR can be filed before the completion of the assessment for that particular assessment year.
2. **Rectification of Mistakes:** If a tax audit report is filed with errors, the tax auditor can rectify these errors by submitting a revised report. This is crucial for ensuring accurate compliance with the tax laws.
### Practical Considerations
1. **Assessment Completion:** The revised TAR should ideally be filed before the assessment is completed by the Assessing Officer (AO) under Section 143(3) or before the time limit for making the assessment expires.
2. **Original Due Date:** The original due date for filing the TAR for non-TP (Transfer Pricing) assessees is typically September 30th of the assessment year. For TP assessees, the due date is November 30th.
3. **Revising Before the Due Date:** Even though there is no explicit time limit, revising the TAR before the due date for filing the return (usually September 30th or extended dates, if applicable) is advisable to avoid complications.
### Interpretation of Guidance Notes
1. **Guidance Note by ICAI:** The Guidance Note on Tax Audit under Section 44AB issued by the Institute of Chartered Accountants of India (ICAI) provides practical guidance but does not override statutory provisions. The note suggests September 30th as the due date for filing the TAR for non-TP assessees, but it does not explicitly limit the revision of TAR to this date.
2. **Legal and Practical Implications:** Taxpayers and auditors often interpret the flexibility in filing revised TARs as a practical necessity for correcting genuine errors. However, this should not be seen as a loophole but rather a provision for ensuring compliance and accuracy.
### Conclusion
- **Revised TAR Filing:** While the Income Tax Act does not specify an exact last date for filing a revised Tax Audit Report, it is generally understood that it should be filed before the completion of the assessment.
- **Original Due Date vs. Revision:** The due date mentioned (September 30th) is for the original filing. Revising a TAR should be done as soon as errors are discovered to ensure compliance and minimize any potential issues during the assessment process.
- **No Tension of Last Date:** The notion of not worrying about the last date should not be taken lightly. While revision is allowed, it is best to ensure accuracy in the original filing and use revision only for genuine rectifications.
### Best Practices
1. **Accuracy in Original Filing:** Strive for accurate and complete information in the original TAR to avoid the need for revision.
2. **Timely Revision:** If errors are identified, revise the TAR promptly and inform the relevant stakeholders.
3. **Documentation:** Maintain clear documentation and communication with the AO regarding any revisions made to the TAR.
By following these guidelines, taxpayers and auditors can navigate the complexities of tax audit reporting while ensuring compliance and minimizing potential legal and administrative issues.
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