Tuesday, August 26, 2014


Central Board of Direct Taxes has extended the due date for Furnishing and uploading of Tax Audit Report to 30.11.2014 for Asst year 2014-15. ( Order dated 20.08.14)  The due date for filing of ITR are been kept same as CBDT has nowhere mentioned in order about the due date for e-filing of Income tax Return (ITR) is extended.

Now the Assessees who are covered under Section 44AB ( tax audit provisions )  but are not liable under section 92E ( for audit provisions of transfer pricing ) if do not file the ITR on or before 30th September 2014, will be liable :

1.      To Pay Interest U/s. 234A of the Income Tax Act,1961 on taxes payable
2.     No carry forward of business losses other than depreciation loss under the provisions of section 80 Read with section 139(3) of the Income tax Act,
3.     To pay Statutory expenses falling under section 43B, by 30.09.2014 to claim deduction. (Being Due Date of Return of Income is 30th September, 2014).
4.     May not be able to revise their Return of Income.

Tax audit Report has to be prepared before 30th September , 14 as the date of tax audit report has to be  mentioned in ITR 6. The due date for furnishing and uploading of TAX AUDIT REPRT is extended only and in real terms there is no extension of date. Income Tax return is prepared only after completion of Tax Audit as a few deductions or dis-allowance can be reckoned from there only.
Contibuted By : Pooja Aggarwal ( Article Assistant at Sandeep Ahuja & Co.)