Few Question and Info Tax Audit Report - Go Ahead for Audit with extension.

[GIRISH KULKARNI]

Most of You had received the mail for extention. If you had downloaded the notification, the same can be downloaded from following link

http://taxguru.in/income-tax/due-date-filing-tax-audit-report-ay-201415-extended-30112014.html

The Tax Audit Report which are prepared and uploaded till 24/7/2014 are valid and no need to resubmit. Hence  the report now need to submit in new TAR Utility format as under

http://taxguru.in/income-tax/download-revised-utility-tax-audit-report-ay-201415.html

The following questions and related issues are open for discussion

1. The extension of due date for filing returns. As we are all aware audit report needs to be furnished first before filing income tax returns for audit assesses. However the CBDT order remains unclear on this subject.

2. A request to all not to waste your valuable time in the discussions as out come shall be nothing. Clarification has to come from CBDT. Intention has to be seen. Returns covered by Tax Audit ate extended. For other cases due date remains the same. 

3. The Date extension is not useful where due date under other Act is upto 30.09.2013. Most of Companies/other Assessee  have to take AGM in time before 30.09.2013. 

4. Prima Facie , the language u/s 139(1) favours to Assessee for extended date. But Confusion does not end until issue of Notification. It is also challange and need for CBDT clairfiy and issue necessary notification for more clarifty. 

This is interpretation my one friends and also my personal interpretation and view. . Let us complete the work in good spirit and in time without much discussion. We can expect a notification u/s 119 for extention of due date. 

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CA GIRISH KULKARNI
LOCATION :- AURANGABAD ,  MUMBAI, PUNE , NANDED
CONTACT 92253 06814 

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