Income Tax department today extended the last date for filing I-T return for businessman and professionals who are required to submit the tax audit report.
"The CBDT has extended the due-date for furnishing return of income from September 30 to November 30, 2014 for 2014-15 in the case of an assessee who is 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," a statement said.
Under Section 44AB, Audit of accounts of certain persons carrying on business or profession of Income-tax Act, 1961,
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; or,
(b) carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees in any previous year; or,
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or,
(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.
Earlier the Central Board of Direct Taxes (CBDT) had extended the date for furnishing tax audit report by two months to November 30, 2014. The assessees wanted the CBDT to also extend the date for filing the I-T returns and had filed writ petitions in various High Courts.
The Gujarat High Court had directed the Board to extend the due date for furnishing the return of income to November 30. Other High Courts also directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.
In compliance to the judgements of various High Courts, the CBDT statement has decided to extend the last date for filing of returns.
#This provision will not apply to assessees who are not required to obtain tax audit report. For them the last date for filing I-T returns was July 31.