Due date of Tax Audit report under section 44AB has been extended

Due date of submitting tax audit report under section 44AB has been extended from 30sep to 30 Nov 2014.

In the recent notification CBTD has changed the return utility and also changed the format of tax audit report.
The new utility is still not available, this may be reason of extension.

Important it is  further clarified that the tax audit report under section 44AB of the Act filed 

during the period from 1

st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be 

treated as valid tax audit report furnished under section 44AB of the Act

Below is the order

F.No.133/24/2014-TPL

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

****

Room No. 147 B-II, North Block

New Delhi, the 20th August, 2014

Order Under Section 119 of the Income-tax Act, 1961

In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the 

Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and 

furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 

in case of assessees who are not required to furnish report under section 92E of the Act from 

30th day of September, 2014 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act filed 

during the period from 1

st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be 

treated as valid tax audit report furnished under section 44AB of the Act.

(J.Saravanan)

Under Secretary (TPL-III)

Copy to:-
(i) The Chairman (CBDT), All Members, Central Board of Direct Taxes for
information.
(ii) All Cadre Controlling Pr. Chief Commissioners of Income-tax with a request to
circulate amongst all officers in their regions/charges.
(iii) The Pr. Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
(iv) The Director General of Income Tax (Systems) with a request for uploading it on the
Departmental website.
(v) Commissioner of Income Tax (M&TP), CBDT.
(J.Saravanan)
Under Secretary (TPL-III)

Last date of filing income tax return 31st March or 31 july?

Many people comes to me and say last date of filling income tax return(ITR) is 31st March not 31st july.

Are they correct? If, yes why some people says due date of filing of ITR is 31st July? and Why income tax department organise camps for return filing in the month of july?

Here is also some question arise?

1. What is the last date of filing of ITR?
2. What would be impact if one missed the deadline of 31st July?
3. What is the penalty/ interest for non filing of ITR within due date?

In this post I will try to clear this doubt and will tell you the penalty and interest for delays in filing of return.

Friends always remember that we filed return for previous year in assesment year. 

Now the question is that- What is previous year and what is assesment year. Understand it with an example-

Mr. X earn some income during 01/04/2013 to 31/03/2014, in this case previous year i.e PY is 2013-2014 and Assesment year i.e AY is 2014-15.

Now as per section 139(1) of Income tax Act, 1961 X has to file his return of Income till 31st July of the assessment year i.e 31 July 2014. 

Is this means last date of filing return is 31st July of Assesment year?

ANSWER IS NO. as  31 st july is the due date of filing return not last date.

Assesse (X in our example) can still file his return till 31st March 2016(because of section 139(4))READ FULL

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