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« Direct Tax »
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CBDT issues Advisory to file Returns by 31st October
October, 30th 2018

The Central board of Direct Taxes ( CBDT ) has issued an advisory directing the companies and other persons whose accounts are required to be audited to submit their income tax returns and Tax Audit Reports within 31st October 2018.

“All Companies and Other Persons whose accounts are required to be audited (including working partners of such firms) e-File your Income Tax Return (ITR) for A.Y. 2018-19 and audit report under section 44AB and 115JB of the Income Tax Act, 1961 by 31st October, 2018,” an advisory issued by the CBDT said today.

The failure to submit the return and tax audit report in time would result in huge interest and prosecution. Any unadjusted Business Losses/Capital Losses canned be carried forward if the same is not filed in time.

Further, there would be a fee for late filing from this year onwards. The taxpayers and the professionals all over the country have made several requests to the CBDT for an extension of the last date.

The tax lawyers’ body, the Tax Bar Association (TBA) has again approached the Gauhati High Court after the CBDT issued an order last week rejecting request for further extension. The Court has agreed to hear the matter on Wednesday.

Earlier, the Gauhati High Court has directed the Board to re-consider the Tax Bar Association’s representation requesting the Government to extend the Tax Audit Due date to 31st January 2019.

However, on Thursday, the CBDT issued an order stating that there will be no further extension of tax audit due date. In the order, the Board had addressed all the issues raised by the TBA in detail.

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