Due date extension of filing of income tax return.

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This query is : Resolved

CA Sanjay Baheti (Querist)

01 October 2013 As we know that the CBDT has extended the due date of filing of Return from 30.09.2013 to 14.10.2013 exclusively in Gujarat State by way of Notification vide file No.225/117/2013 /ITA-II DT.30.09.2013. This as per section 139(1) of I.T.Act.

Now we want to clarify the followings as under:-
i)Whether current year Business losses & brought Business losses of earlier periods can be carried forward to subsequent asstt.year 2014-15 or not if i e-filed the TAR on 30.09.2013 & filed the ITR electronically on or before 14.10.2013 as the due date is being extended up to 14.10.2013 so far corporate & Trust Assesse is concerned.

ii) Whether this notification also implied that the specified due date of Tax Audit conducted u/s 44AB of I.t. Act is also being extended up to 14.10.2013 or not so far Non corporate Assesse is concerned whose turnover is less than 1 Crores but Net profit declares to be less than prescribed rate i.e. 8 % under Presumptive Scheme by virtue of section 44AD of I.T.Act.

Please clear thre above doubts at the earlist.

Thanks in advance for prompt reply.

CA Jitesh Shah

CA Jitesh Shah (Expert)

02 October 2013 i) yes you can carry forward losses.
ii) yes audit report has to be obtained before due date of filing return. i.e. upto 14/10/2013.