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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: due date for vat payment :: form 3cd :: VAT Audit :: articles on VAT and GST in India :: empanelment
 
 
Direct Tax »
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements

High Court defers plea on tax audit, leaves chartered accountants edgy
September, 16th 2014

Chartered accountants (CAs) went into a tizzy on Monday with the Delhi High Court adjourning the writ petition which challenged the Central Board of Direct Taxes (CBDT) directive extending deadline for furnishing tax audit report (TAR) till Thursday.

Accounting professionals apprehend that the petition will become irrelevant if the court does not give its ruling on Thursday as the deadline for filing returns is September 30, 2014.

The high court has directed CBDT to file an affidavit stating that returns filed without tax audit reports should not be treated as defective. It has also directed CBDT to state the consequences of filing income tax reports (ITRs) without TARs as per the new directive.

When contacted by ET, chartered accountant Mahesh Kumar said: "An assessee's ITR computed after the TAR is finalised will always differ from ITR finalised before TAR is computed because we incorporate deductions and disallowances based on TARs before finalising ITRs."

The CBDT directive will cause inconvenience, raise tax payers' expenses incurred for filing revised returns as well as increase litigation between a tax payer and the IT department, he added.

The country's accounting professionals have been up in arms against CBDT extending the deadline for furnishing tax audit report. Tax consultants are of the view that the due date for furnishing TAR u/s 44AB and the due date for filing ITR in case where the assessees are required to get their accounts audited u/s 139(1) cannot be detached from each other.

There cannot be an amendment of the deadline for filing TAR without a corresponding amendment of the due date for filling ITR, was the universal refrain of the professionals, they claim.

Accounting firms like Mahesh Kumar & Co and Rajni Shah & Associates filed two separate writ petitions in the Delhi High Court and the Gujarat High Court, respectively, challenging the directive as it has added to the confusion rather than providing any relief. A third one was filed in the Gujarat High Court by the All Gujarat Federation of Tax Consultants.

Similar petitions have also been filed in other courts across the country. Apart from the confusion, CAs feel that the practice of introducing fresh formats for filing TARs in the middle of a financial year would affect their functioning. CBDT, consultants claimed, had withdrawn the old tax audit format (or utility as it is popularly known in taxation language) on July 24 and reintroduced the same on August 20.

"We could not upload TAR during this period as the necessary format was not available on income tax website, causing hardships to tax payers and consultants. This apart, the new format of TAR is very exhaustive and requires details for which we need time to collate before submitting the same after due verification," said chartered accountant Rajni Shah of Rajni Shah & Associates.

Consultants argued that "while CBDT has inherent powers to introduce new forms and amend existing ones, it is not a good practice to dump the new forms suddenly and revise the same once defects are observed. The practice is undesirable and creates confusion". Last minute rush, they feel, will give rise to errors in ITRs.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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