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44AB Due Date - Urgent (Income Tax)

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This query is : Resolved


( Author )
28 September 2010

Dear Sir,
The extension of due date for 44AB applicable to Individuals & Firms also or it is only for corporates


CMA. Subhash Kumar Jha

( Expert )
28 September 2010

15/10/2010 for all under tax audit u/s 44AB.


CMA. Subhash Kumar Jha

( Expert )
28 September 2010

CBDT extends last date for return-filing by corporate to October 15

F.No. 225/72/2010-ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Dated : September 27, 2010
Order under Section 119 of the Income Tax Act, 1961
On consideration of the reports of disturbance of general life caused due to floods and heavy rains, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of filing of returns of income for the Assessment Year 2010-11 from 30.09.2010 to 15th October 2010. Accordingly the due date for Tax Audit report u/s. 44AB of the Income Tax Act is also extended to 15th October, 2010.
(Ajay Goyal)
Director (ITA. II

Notification No : F.No. 225/72/2010-ITA.II


kantijain

( Expert )
28 September 2010

Dear Ali,

I totally agree with Mr.Subhas reply. it's applicable to all.

However I have an interesting query related to same, whether even transfer pricing due date is extended???



CMA. Subhash Kumar Jha

( Expert )
28 September 2010

By the wordings of the above notification , it can be interpreted that

For ITR : date extended to 15/10/10 for all.

For Audit : It has a special mention of section 44AB.

So it can be interpreted that there is no change for Filing "Form 3CE" (Transfer pricing)


Aditya Maheshwari

( Expert )
28 September 2010

Transfer pricing due date does not seems to be extended as it is specifically mentioned 44AB.


kantijain

( Expert )
28 September 2010

i totally agree with aditya, thank you. Also section 92F defines specified date to mean as due date as per explanation 2 to section 139(1)& Section 44AB due date is provided in 44AB itself.

But my dear friends, as per the extract from notification "due date of filing of returns of income for the Assessment Year 2010-11 from 30.09.2010 to 15th October 2010. Accordingly the due date for Tax Audit report u/s. 44AB of the Income Tax Act is also extended to 15th October, 2010."
what i understand is they have extended the date specified under explanation 2 to section 139(1) & because of that sec 44AB date is also extended. if same is true than the TP due date is also extended...>>>


kantijain

( Expert )
28 September 2010

Also dear friends,

One more interesting observation made my one of my professional lawyer friend (Kirthi Bhansali) is date the refernce number to the notification"F.No. 225/72/2010-ITA.II" is same as that of notification for extension of due date in J&K. Also the official website of incometaxindia.gov.in is not highlighting the extension of due date to others but only to J&K, just to add to more confusion


CA Suresh Choudhary

( Expert )
28 September 2010

I agree with Mr. Aditya & Kanti Jain.


Aditya Maheshwari

( Expert )
29 September 2010

I have read the notification again and it says

The Central Board of Direct Taxes have extended the due date of filing income tax returns for the assessment year 2010-11 from 30th September 2010 up to 15th October 2010. The due date has been extended in view of disturbance to general life caused by floods. Accordingly, the due date for obtaining tax audit report u/s 44AB also stands extended to 15th October 2010.

The due date of 30th September 2010 is prescribed for corporate taxpayers, taxpayers whose accounts are subject to tax audit u/s 44AB of the Income Tax Act 1961 or audit under any other law, and working partners of firm the accounts of which are liable to tax audit or audit under any other law.

So it seems that transfer pricing audit due date has also been extended to 15th October as it is also subject to due date of 30th September, 2010.


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