Due date

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Querist : Anonymous

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11 September 2014 Is Due date of tax audit return submission extended to 30th nov. from 30th sept???

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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11 September 2014 No not extended . Its pending in delhi court . We are also expect to extend due date for filing the ROI .

I wish to bring your kind notice that if you not file the return before 30.09.2014 there will be only following consequence occurs i.e.,

a) Option of revise return
b) Claim of loss
c) TDS made and paid after 30.09.2014 not allowed u/s 40(a)(ia)
d) required to pay interest u/s 234A

So preferably

Which have the loss return required to file before 30.9.2014 and other cases we can conduct the audit and file the ROI with 3CA/ 3CA & 3CD before 30.11.2014.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 September 2014 On 20.08.2014, CBDT issued an order under Section 119 of the Income Tax Act, 1961, by which it extended the due date for obtaining and furnishing tax audit report u/s 44AB from 30/09/2014 to 30/11/2014 for AY 2014-15. Date of filing Income Tax Return as of now remains 30.09.2014.

Link: http://incometaxindia.gov.in/archive/Order-Under-Section%20119-20-08-2014.pdf

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Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2014 Thanks a lot for the information sir.

Mrs. Pooja

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 September 2014 Extension of Due date of Tax Audit Report pending with Delhi High Court?

Sir Please share the details of case and enlighten us.

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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11 September 2014 FYI

Pending before court cases

http://taxguru.in/income-tax/interview-tax-audit-report-petitioners.html

http://taxguru.in/income-tax/ca-community-files-pil-revised-tax-audit-report-delhi-hcs.html

Please verify above link for your ready reference.

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CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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11 September 2014 Sanjay you have to thank me ... I am waiting you ...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 September 2014 Thanks for the update. Lets hope that the due date of return also gets extended when the case come up for hearing on 15th September 2014.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 September 2014 Its 15th Today. Any update on the issue?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 September 2014 Delhi High Court once again Adjourned the Tax Audit Deferment case to Monday in the case of Mahesh Kumar And Company Vs. Union Of India & Anr. – W.P.(C) 5990/2014 (Delhi High Court)

CBDT Lawyer told the CBDT the Govt will suffer a loss of Rs.15K Crore if Date extended to 30th Novt. Govt had Budgeted plan for its revenue and Fund Flow had Create problem for the Govt Revenue and its Budgeted Loss.

Court also asked the CBDT Lawyer why don't CBDT defer the New TAR form to Next Year, Starting from 1st April & why from this Year.

Court also Directs CBDT to file affidavit regarding non leviability of Penalty U/s. 271(1)(c) in case assessee revises returns filed on or before 30.09.2014.

Similar hearing are going on today in the Gujrat High Court for Tax Audit Report Deferment. in the case of Rajni Mangaldas Shah V/S Central Board Of Direct Taxes (Gujrat High Court), SCA/12571/2014.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 September 2014 Also see--

ICAI seeks extension of due date of filing of return:

https://www.caclubindia.com/news/icai-seeks-extension-of-due-date-of-filing-of-return-14384.asp#.VBxGRfmSzUs

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 September 2014 The CBDT vide Order [F.NO.133/24/2014-TPL], dated 20-8-2014 had extended the due date for filing of tax audit report to November 30, 2014. However, the CBDT had not extended the due date for filing of the Income-tax Return ('ITR'). Consequently, many taxpayers were facing difficulty in filing of ITR without filing the tax audit reports.
In view of this, All Gujarat Federation of Tax Consultant filed a writ petition in the Gujarat High Court contending for the extension of the due date for filing of ITR to November 30, 2014.
On the impugned issue, petitioner argued that ITR is prepared on the basis of information collated and reported in the tax audit report and in absence of tax audit report it would not be possible for a taxpayer to compute his tax liability and file return of income on due date 30-09-2014. On the other side, the Income-tax Department argued that if the blanket extension is given for filing of return of income, the taxpayer would also defer the payment of due taxes to the credit of Central Government which would be prejudicial to interest of revenue. Dept. also gave surety to the Court that no penalty or interest would be levied for revision of return by the taxpayer, if any, pursuant to such tax audit.
However, Gujarat High Court suggested a mid-way which would tackle the practical problem being faced by the taxpayers and which would save the interest of revenue. Gujarat High Court directed the CBDT to extend the due date for filing of return of income for all purposes, inter-alia, carry forward of losses, allowability of deductions under Sections 80-IA, 80-IB, 80-IC, 80-ID, etc.
However, such extension has been granted subject to charge of interest under Section 234A for the period commencing from 01-10-2014 and up to the actual date of filling the return of income.
However, in such cases, the taxpayer will enjoy the option of paying taxes before the due date of 30-09-2014 and to that extent enjoy the exemption from levy of interest under Section 234A.
The copy of order is awaited.

Link: http://www.taxmann.com/topstories/222330000000003810/gujarat-high-court-directs-cbdt-to-extend-due-date-for-filing-of-itr-to-30-11-2014-subject-to-sec-234a-interest.aspx