[aaykarbhavan] No extension of due date & File ITR by 30th Sep in many cases:CA Nitesh More

No extension of due date & File ITR by 30th Sep in many cases:CA Nitesh More

1)  The Due date has been extended only for assesse who are required to file TAR u/s 44AB.

2) No extension of due date in the following cases & hence assessee need to file its ITR by 30^th September, 2014.

a)  Auditor's report u/s 80IC(Form 10CCB)

b) No extension for assessee who accounts are not required for audit u/s 44AB 

c) No extension for eligible assessee  for eligible business who accounts are not require to audit u/s 44AD(Example:where income is more than 8%, where taxable income is below threshold limit,as no audit is required) 

d)  In case of a Loss Return of any assessee, whose turnover are less than 1 Cr.; 

3) Further, Interest u/s 234A shall be applicable.

Highlights of notification for extension of ITR due date

1) There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.

2) DUE DATE IS EXTENDED ONLY FOR ASSESSEE WHO is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act

3) For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

 

Warm Regards 

"Team" CA.Nitesh  More

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Posted by: Nitesh More <moreassociate@gmail.com>

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