www.caclubindia.com/homepage/maheshkapasi www./http://maheshkapasi.icai.org MAHESH KAPASI E-Mail: firstname.lastname@example.org Chartered Accountant Phone: 2686 8147 M. Com., LL.B., FCA, FCMA, FCS B-49, Gulmohar Park, Ex- Member-AMIMA, AMIBM, ACEA (London), MIIA (USA). New Delhi-110 049 Reference No. Dated: September 25, 2014
Sub: Extend date ITR-AY 2014-15 –from September 30, 2014 to November 30, 2014
The last date for filing Income Tax Return for Tax Audit assessees is September 30, 2014. But vide a Notification dated July 25, 2014 the Tax Audit Form is revised with manifold information-coloumn to be filled. The new format has amended 19 existing clauses and added 12 new clauses with special emphasis on TDS compliance. It is like there of responsibility and accountability of income tax department on scrutiny cases type is shifted to Chartered Accountants, why? The new notified Form 3CD has increased work of CAs too much –which requires acting judiciously on many matters. It requires lot of study and work is increased is too much, which has become practically difficult for CAs to comply with it in time for all of their clients. The Notification dated July 25, 2014 is made applicable from Assessment Year (A. Y.) 2014-15 (Financial year ending March 31, 2014) This Notification is not made timely - too little time given practically to CAs to comply with it. Though due date for obtaining and furnishing of tax audit report under Section 44AB of the Act is extended from September 30, 2014 to November 30, 2014in case of assessees who are not required to furnish report under Section 92E of the Act -. Report from an accountant to be furnished by persons entering into international transaction [or specified domestic transaction]
But last date for filing Income Tax return for A.Y. 2014-15 is still September 30, 2014. It is ambiguity as Tax Audit and fling of income tax return with or without Tax Audit report cannot be segregated. The due date for income tax return must too be extended for all ITRs requiring Tax Audit to November 30, 2014)
. Though Few High Courts have decided this matter and directed CBDT to extend the date. But Such a Notification has not yet been made. Legally last date is still September 30, 2014 till either Supreme Court decides or CBDT makes such a Notification. To rest the matter settled at final stage CBDT should extend the date as per few High Courts’ decisions and directions. It is an urgent matter and CBDT must act without any delay as just vey few days are left in last date of existing law of September 30, 2014 .
In any case in future for all changes to be made by Notifications etc sufficient time must be given for its compliance.
(Mahesh Kapasi) , FCA , (VIJAY GUREJA), FCA
B-49, Gulmohar Park, C-182, GREATER KAILASH-1, (LGF),
New Delhi-110 049 New Delhi- 110 048
E-Mail: email@example.com firstname.lastname@example.org