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Sep 12, 2014

Revised Guidance Note on Tax Audit u/s 44AB of the Income-Tax Act, 1961 by ICAI [Edition 2014]

ICAI Revises Guidance Note on Tax Audit

Guidance Note on Tax Audit under section 44AB of the Income-Tax Act 1961 by ICAI Edition 2014

In view of the recent significant changes in the formats of tax audit reports by the CBDT expanding the scope of reporting and verification by chartered accountants, the Direct Taxes Committee of the Institute of Chartered Accountants of India has come out with the Seventh Revised edition 2014 of Guidance Note on Tax Audit under Section 44AB of the Income Tax Act. The same will cater to the need of updating the knowledge and enhancing the professional competencies of the members of the CA fraternity. 

Aug 20, 2014

Tax Audit Report Due Date AY 2014-15 Extended from 30 Sep 2014 to 30 Nov 2014

In exercise of power conferred by section 119 of the Income-tax Act, the Central Board of Direct Taxes (CBDT) has extended the due date for obtaining and furnishing of the tax audit report 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. 

Clarification on Tax Audit Reports in Pre-revised formats

Further the CBDT has clarified that the tax audit report under section 44AB of the Act filed during the period from 1st 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.

Extension of Due Date of Tax Audit Report only ??

It may be noted that this extension of due date relates only to obtaining and submission of tax audit report to the Income Tax deptt., however the due date for filing of ITR still continues to be unchanged. This extension is mainly guided by changes in Tax Audit Report format made by the CBDT and the fact that website of Income Tax Deptt was down on many occasions affecting filing of ITR has been completely ignored. It seems that extension of Tax audit Report due date alone without considering extension of due date of ITR is quite ambiguous and hence CBDT needs to do the corrective action in due course.

PDF Copy of the CBDT Order on Extension of Due Date for Tax Audit Report AY 2014-15 from 30 Sep 2014 to 30 Nov 2014