: For Finance Professionals & Students

Extended date of furnishing audit report with due dates of filing Income tax Returns

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A representation by ICAI of wishing exteded due date of filing of return of income along with the date of furnishing audit report.On 15 September 2014 the ICAI through a representation bring to the notice of the Chairman of CBDT about the concerns of the taxpayers on account of not extension of due date of filing return of income under section 139(1) along with the extended date of furnishing tax audit report. in addition to ICAI has suggested that:-

a) Due date of filing of return of income tax u/s 139(1) for the assessees under clause (a) of Explanation 2 to section 139(1) be extended in line with the extension granted for submission of tax audit report under section 44AB of the Act.

b) That the provisions applicable to each Assessment year should be clarified by the relevant Finance Act well in advance, to avoid such situations it is further suggested that all Income tax returns and Audit reports forms must be notified well in advance by 1st April every year.

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