Corporates and professionals who need to mandatorily furnish tax audit reports will have more time to do so this year.
This is because the Central Board of Direct Taxes (CBDT) has extended the due date for filing of the tax audit report (for assessment year 2014-15) to November 30 from the statutorily specified date of September 30.
This decision comes in the wake of the CBDT move to revise the forms relating to tax audits with effect from July 24.
However, the CBDT has now clarified that tax audit reports filed from April 1, 2014, to July 24 in the pre-revised forms will be treated as valid tax audit reports furnished under the income tax law.
While the due date for furnishing the tax audit report stands extended, there is no change in the due date (September 30) for filing of income tax returns for corporates who are subjected to tax audit.