1) The Due date has been extended only for assesse who are required to file TAR u/s 44AB.
2) No extension of due date in the following cases & hence assessee need to file its ITR by 30th September, 2014.
a) Auditor's report u/s 80IC etc (Form 10CCB)
b) No extension for assessee who accounts are not required for audit u/s 44AB
c) No extension for eligible assessee for eligible business who accounts are not require to audit u/s 44AD(Example:where income is more than 8%, where taxable income is below threshold limit,as no audit is required)
d) In case of a Loss Return of any assessee, whose turnover are less than 1 Cr.;
3)Audit u/s 44AD is also u/s 44AB, so date extended in such cases.
4) Further, Interest u/s 234A shall be applicable.
5) If An assessee is required to get his accounts audited U/s. 44AB as well as U/s. 80IE, due date of ITR extended.
However,
To get the benefit of section 80IE, the Audit Report in Form 10CCB can be uploaded by 30th Sep.
Highlights of notification for extension of ITR due date
1) There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.
2) DUE DATE IS EXTENDED ONLY FOR ASSESSEE WHO is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act
3) For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.
Warm Regards
CA.Nitesh More
CAclubindia
