EXTENSION OF TAX AUDIT DATE 2013-14 WHICH IS NOT IN REAL SENSE FOR PROFESSIONAL & ASSESSEE

EXTENSTION OF TAX AUDIT REPORT DATE

Read the NOTIFICATION carefully,

 Our HEART hopes broken for Truly Audit & ITR eFiling Date Extension.

CBDT has vide its order dated 26.09.2013 has extended the due date for e-filing of Tax Audit Report to 31.10.2013. The order has nowhere mentioned about the due date for e-filing of Income tax Return (ITR). It seems due date for filing of ITR are been kept same. If Assessee do not file the ITR on or before 30^th September 2013 he may have the following implications:-

1. He may have to pay Interest U/s. 234A on taxes outstanding.
2. Losses if any may not be allowed to be carried forward
3. Assessee also have to Pay Statutory dues U/s. 43B on or before the filing of ITR or Due Date i.e. 30.09.2013 whichever is earlier.
4. Those who filing there ITR on or before the due date i.e. 30.09.2013 will have to file Tax Audit Report either manually or electronically before 30.09.2013. If taxpayer has filed manually then he have to file the same electronically also on or before 31.10.2013.

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Press Release by Ministry of Finance Dated 26.09.2013

Time for Furnishing the Report of Audit Electronically Extended till October 31, 2013.

It has come to the notice of the Central Board of Direct Taxes (CBDT) that many assessees who are required to file their income tax returns by September 30, 2013 are finding it difficult to upload the report of Audit electronically as prescribed under the proviso to sub-rule (2) of Rule 12 of the IT Rules for the Assessment Year 2013-14. Therefore, the CBDT has decided to extend the time for furnishing the report of Audit electronically till October 31, 2013. However, the assessees are required to file the report of Audit manually with the jurisdictional Assessing Officer by the prescribed due date, i.e. September 30, 2013. The assessees are also required to file their returns of income electronically by the prescribed due date, i.e. September 30, 2013.