Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: VAT RATES :: empanelment :: cpt :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd
« News Headlines »
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17
 Non-taxing GST apps to make filing income tax return less painful

Accounting professionals seek legal intervention for clarity on tax audit deadline
September, 15th 2014

Some accounting professionals in the country have sought legal intervention to bring clarity into a recent directive from the Central Board of Direct Taxes extending deadline for furnishing tax audit report, after failing to get any response from the authorities.

The Central Board of Direct Taxes (CBDT) had on July 25 extended the due date for filing tax audit report (TAR) under section 44AB of the Income Tax Act 1961, for assessment year 2014-15 to November 30 from the earlier date of September 30. The circular, however, did not refer to the deadline for filing incometax return (ITR).

"We decided to slug it out in courts since written representations and emails to concerned authorities including the finance ministry, CBDT and apex professional institutes went unheeded," said a Delhi-based chartered accountant. "Discussion on various public fora as well as writing on social media did not elicit response," added the person who did not want to be named.

Accounting professionals said a Delhi High Court bench has admitted a writ petition filed by Mahesh Kumar & Co, a Delhi-based chartered accountant firm. The court will hear the case on September 15.

Tax professionals and taxpayers in other parts of the country, too, are likely to move the courts, as they feel the CBDT directive has added to confusion rather than providing any relief.

"It is not clear whether the due date for filing ITR under section 139 of the Income Tax Act in cases where tax audit is applicable has also been extended," said Paras Kochar, president of Direct Taxes Professionals' Association, which represents about 1,300 tax professionals in Kolkata. As per Income Tax Act 1961, the deadline for filing ITR is the same as that for filing TAR. For some assesses it has been September 30 and for others it has been November 30. A section of chartered accountants say that the due date for furnishing TAR u/s 44AB and the due date for filing return of ITR in case where the assessees are required to get their accounts audited u/s 139(1) cannot be detached from each other.

"Therefore, there cannot be an amendment of the deadline for filing TAR without a corresponding amendment of the due date for filling ITR," said chartered accountant Kamal Nayan Jain, president of Association of Corporate Advisers & Executives.

Technically speaking, ITRs can be filed without tax audit report, but this action is neither advisable nor is it practical as a taxpayer has to compute total income after taking into consideration various deductions which are based on tax audit report.

"If an assessee files ITR without TAR, he will have to file a revised return which will only multiply the workload of the income-tax department," said Alok Gupta, director - taxation of Delhibased chartered accountant firm S S Kothari Mehta & Co. S Santhanakrishnan, central council member of the Institute of Chartered Accountants of India, said change in details required in tax filings should be made available for a given year only if notified prior to March 31. "Changes notified thereafter, could be made applicable from subsequent years. This will avoid last minute rush and also requests for postponement of filing dates from assesses and accounting professionals," he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions