Tax professionals welcome extension of date for filing audit reports | punjab | Hindustan Times
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Tax professionals welcome extension of date for filing audit reports

punjab Updated: Aug 22, 2014 13:53 IST
Sumeer Singh
Sumeer Singh
Hindustan Times

In the wake of recent amendments in the tax audit forms, 3CA-3CD and 3CB-3CD, and after receiving an unsatisfactory response from the taxpayers and tax auditors while exercising power conferred by Income Tax Act (Section 119), the Central Board of Direct Taxes has extended the date for the final submission of audit report from September 30 to November 30.

Jatinder Khurana, executive member, Indian Taxation Advocates’ Association, said: “The time period for updating software and filing income tax audit returns was very short as last date for filing return was near. Due to this reason, the tax professionals were facing several problems.”

Khurana said after seeing a sense of dissatisfaction among tax auditors’ fraternity, a memorandum regarding these problems was also sent to the chairman of the Central Board of Direct Taxes (CBDT) by the Indian Taxation Advocates’ Association (ITAA) last week.

CBDT extended the due date for obtaining and furnishing the report of audit under Section 44AB of the Income Tax Act for financial year 2013-14 in case of assesses who are not required to furnish report under Section 92E of the act from September 30 till November-end.

The board also cleared that the tax audit report under Section 44AB of the act filed during the period between April 1 and July 24 in the pre-revised forms shall be treated as valid tax audit.

Rajinder Arora, one of the taxpayers, said: “The final date for the submission of the final audit report was approaching nearer while the department did not have the amended forms available with them.” The following move by CBDT would certainly help both taxpayers (firms) and tax officials to compete the auditing work with ample time at their hands. This, in turn, would also reduce the chances of any irregularity or inaccurate filing of audit reports which might result in re-work at a later stage,” Arora