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Wednesday, September 9, 2015

No Extention of Due Date for E filing Tax Audit Reports and Income Tax Returns

Since the last date for filing Income Tax return is finally over, all the Tax Practitioners  has started Efiling the Tax Audit Report and Income Tax returns of Audited as well as company form of Tax Payers. Rumors has already been running nation wide that Last date of filing Income Tax Returns for these Tax Payers will increase to 31st October or 30th November. Due to which many Income Tax payers who are required to get Tax Audit done can be seen relaxing. But today Ministry of Finance has issued some bad news for them.  Ministry of Finance has recently issued Press Release in which it has clearly mentioned that:

"No Extension of Date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees Including Companies, and Firms and, Individuals Engaged in Proprietary Business/Profession etc whose Accounts are required to be Audited; Taxpayers are Advised to file their Returns Well in Time to Avoid Last Minute Rush "


This Press release is only for those Tax Payers who are required to get their accounts Audited by a Chartered Accountant and for the Companies (for others due dates are already expired).

Below is the full press release as issued by Ministry of Finance:

Income-tax returns for Assessment Year 2015-16 for certain categories of assessees viz companies, firms and individuals engaged in proprietary business/profession etc whose accounts are required to be audited, are to be filed by 30th September, 2015. The audit report is also required to be filed by the said date.

The Government has received representations from various stakeholders seeking extension of date for filing of returns and tax audit reports beyond 30th September 2015. The reasons cited are delay in notifying the returns and related delay in availability of forms on the e-filing website.

The matter has been considered. Income-Tax Returns Forms 3,4,5,6 and 7 which are used by the above mentioned categories of assessees were notified for Assessment Year 2015-16 on 29.07.2015. The forms were e-enabled and were available on the e-filing website of the Department from 7th August 2015 giving enough time for compliance. The changes made to these forms are not extensive as compared to the earlier years. Further taxpayers entering into either international transactions or specified domestic transactions are required to file their returns by 30th November 2015 only.

After consideration of all facts, it has been decided that the last date for filing of returns due by 30th September 2015 will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush.

*****


DSM/KA
(Release ID :126732)



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1 comment:

  1. Next week I will write about this fact too... I think that we need more info and data.

    ReplyDelete