Tax Audit Report due date extended to 30th November 2014

The CBDT has vide Order u/s 119 of the Income tax Act, 1961 dated 20.08.2014 has postponed the due date for filing of Tax Audit Report (for non Transfer Pricing cases) from 30th September, 2014 to 30th November 2014 for Financial 
Year 2013-14 / AY 2014-15
It has further clarified that in light of sudden requirement to comply with new Tax Audit Report format, the assessee who have filed it in old format, such Report will be considered as valid.

Following is the extract of the Order:

F.No.133/24/2014-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
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Room No. 147 B-II, North Block
New Delhi, the 20th August, 2014

Order Under Section 119 of the Income-tax Act, 1961
 
In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit 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.
2. It is further 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.

(J.Saravanan)
Under Secretary (TPL-III)
Copy to:-
(i) The Chairman (CBDT), All Members, Central Board of Direct Taxes for information.
(ii) All Cadre Controlling Pr. Chief Commissioners of Income-tax with a request to circulate amongst all officers in their regions/charges.
(iii) The Pr. Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
(iv) The Director General of Income Tax (Systems) with a request for uploading it on the Departmental website.
(v) Commissioner of Income Tax (M&TP), CBDT.
(J.Saravanan)
Under Secretary (TPL-III)

ICAI request to postpone New Tax Audit Report applicability

Representation made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD. - (11-08-2014)

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The new formats of tax audit reports namely Form No.3CA, 3CB and 3CD have been notified through Notification no. 33/2014 on 25/7/2014 with immediate effect. With regard to the same, certain genuine concerns were raised by the members, which, ICAI has, through a representation dated 07.08.2014, brought to the notice of the Hon’ble Finance Minister, Revenue Secretary, and Chairman CBDT for appropriate action at their end. Also, certain preliminary observations on the new forms have been shared with them.

For the reasons mentioned in detail in the representation and summarized below, ICAI has suggested:

The new formats of tax audit reports be made effective from the Assessment Year 2015-16 and not Assessment Year 2014-15. Alternatively, the due date for furnishing tax audit reports for the Assessment Year 2014-15 may be extended to 30th November, 2014

It has also been suggested that appropriate clarification be issued with regard to the position of the tax audit reports e-filed during 01.04.2014 to 24.07.2014 relating to Assessment Year 2014-15.

Reasons given in brief:

a) The Internationally accepted Standard on Auditing-700 has not been considered.
b) The audit of 50% of the taxpayers like listed companies, PSUs, Banks, Insurance

ICAI invites sugestions for new revised Tax Audit Reports forms

 The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form No. 3CA, 3CB and 3CD.The said notification can be downloaded from the link below:

https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Notification%20No.332014.pdf

With regard to the same, ICAI invites suggestions on the said new tax audit report formats, from the members. Members are requested to submit their suggestions latest by 6th August, 2014.

 
Click Here to Submit Suggestions

New TAR utility and format FY 2013-14 / AY 2014-15

The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide Notification No.33 dated 25/07/2014 with immediate effect.

Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms. Taxpayers and CAs are advised that any upload using the old Forms will not be valid even for previous AYs in view of the notification of CBDT. The new schema and updated utility for e-Filing of the same will be deployed shortly.

To download the new format , please click on the following link : [Refer Notification No.33/2014 dated 25/07/2014].

Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949. - (02-07-2014)

ANNOUNCEMENT Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949

The Council of the Institute at its 331st meeting held in February, 2014 decided to increase the specified number of tax audits from 45 to 60 and an Announcement dated 11.2.2014 in this regard was hosted on the website of the Institute. The Council subsequently at its 333rd meeting held in May, 2014 decided that the specified limit of 60 would relate to an assessment year as against the existing stipulation of a financial year. In view of the aforesaid decisions of the Council, the existing Para 6 of Chapter VI of the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949 stands modified as under:- 1. In para 6.1 (a) and (b), the figure “45” pertaining to specified number of tax audit assignment has been substituted by the figure “60”. 2. In para 6.0 and 6.1, the words “in a financial year” have been substituted by the words “relating to an assessment year”. 3. In para 6.1.6, the words “in each financial year” have been substituted by the words “relating to each assessment year”. As already announced the revised limit of 60 tax audits would be applicable w.e.f. 1st April, 2014. The above announcement is published for information of the members at large.

(T. Karthikeyan) Secretary

CBDT EXTENDS TAR / TAX AUDIT REPORT AND INCOME-TAX RETURN FILING DUE-DATE!!!!!