Saturday, 10 September 2016
Tax Audit Due Date Extended
44AB
,
AY 16-17
,
Change in Due date
,
Due Date Extension
,
Forms
,
FY-2015-16
,
Income Tax
,
Section 44AB
,
Tax Audit
,
Tax audit report
No comments
:
Due date for Tax Audit for AY – 2016-17/PY(FY) – 2015-16.
Extended to 17th October, 2016
It a great relief for all the Tax Auditors and professionals
who are working hard to finish the Tax Audit in time. I hope with this new
order issued by CBDT u/s 119 of Income Tax Act, 1961 will give a great relief
and complete the Tax Audit work in more and more cool way.
The order released by the CBDT is in relation to extension
of Due date for Tax Audit Filing. Section 44AB of Income Tax Act, 1961 (The
Act) says about the person who are required to get their books of accounts
audit – basically it sets the limit for Tax Audit. By going through the section
one can understand the Limit prescribed in the Act (Which may change depending
upon the amendments in finance Act).
Section 44AB Says as
follows
“Audit
of accounts of certain persons carrying on business or profession.
Section:
44AB.
Every person, —
(a)
carrying on business shall, if his total sales, turnover or gross receipts, as
the case may be, in business exceed or exceeds
[1,00,00,000] one crore rupees in any previous year; or
(b)
carrying on profession shall, if his gross
receipts in profession exceed [25,00,000] 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,]
Following clause (e)
shall be inserted after clause (d) of section 44AB by the Finance Act,
2016, w.e.f. 1-4-2017:
(e) carrying on the business shall, if the provisions
of sub-section (4) of section
44AD are applicable in his case
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:
Provided that this section shall not apply to the person, who
derives income of the nature referred to in section
44B or section 44BBA, on and from the 1st day
of April, 1985 or, as the case may be, the date on which the relevant section
came into force, whichever is later:
Provided further that in a case where such person is required by or under
any other law to get his accounts audited, it shall be sufficient compliance
with the provisions of this section if such person gets the accounts of such
business or profession audited under such law before the specified date and
furnishes by that date the report of the audit as required under such other law
and a further report by an accountant in the form prescribed under this
section.
Explanation. —For the purposes
of this section, —
(i)
"accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;
(ii)
"specified date", in relation to the accounts of the assessee of the
previous year relevant to an assessment year, means the due date for furnishing
the return of income under sub-section (1) of section 139.”
As per Section 139(1) of the Act, every person who is
required to get the books of accounts audited as per Section 44AB of the Act
has to file the Tax Audit Report and ITR with the Time limit prescribed in the
Act.
The Time limit prescribed as per the Act, i.e., in section
139(1) is on or before 30th September of the Assessment Year. Here for
the financial Year 2015-16, assessment year be AY 2016-17, due date for Tax
Audit filing is 30th September, 2016.
On 9th September, 2016
the Government of India, Ministry of Finance, Department of Revenue, Central
Board of Direct Taxes – released a press issue stating that the Due date for
the Assessment Year (AY) – 2016-17 extended
to 17th October, 2016 from 30th September, 2016.
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