TWO FILING DATES IN THE CASE OF 44AB CASES

This query is : Resolved

Peter Pamatthai (Querist)
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08 November 2021 Dear sir > there are two dates one for filing Audit Reports usually 30th September and another for filing Return probably 31st October. It is a fact that the Audit Report cannot be submitted unless the financial statements are finalised. So extra time is not required for filing the ITR if the Balance sheet and P&L are ready. In this scenario who is getting the advantage of allowing extra 30 days ? Is the Dept getting any benefit or is the assessee getting any advantage ? pls throw light on this Thank you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 November 2021 It's the time given to the assessee to consider tax audit report findings and prepare ITR accordingly.

CA Kushwanth AVSR

CA Kushwanth AVSR (Expert)
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08 November 2021 From different point of views, both are getting benefits...
From Department point of View:- The load on Income Tax server will decrease to a substantiate part as only audit report is going to be filed.
From Assessee point of View:- He can delay the payment of tax if any.. however at the cost of interest.
From CA point of View:- Work pressure can be shifted to an extent as only Audit report is required to be filed and the income tax return can be filed after 30th September

Peter Pamatthai

Peter Pamatthai (Querist)
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09 November 2021 sir pls note that Audit report cannot be filed without understanding each and every minute point in the financial statements and in the books of accounts. So extra time is not at all needed for ITR filing . If ever the Dept feels like giving extra time that should have been for filing the Audit Reports which require audited Balance sheet etc to be attached.

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