Due Date – Filing Tax Audit Report & Filing Return of Income

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To enable pre-filing of returns on basis of audit reports, various  sections of the Income-tax Act are proposed to be amended  to provide that the tax audit report shall be furnished by the  assessees at least one month prior to the due date of filing of  return of income.

The due date for filing of return of income in case of tax audit is also proposed to be increased from September 30 to October 31 of the Assessment Year.

Thus, tax audit  reports shall be required to be furnished on or before September  30 of the Assessment Year.

Therefore, the Finance Bill proposes  amendment in following sections:

S. No.List of SectionsDescriptionForm No.
1Section 10(23C)Audit report certifying the exemption claimed under section 10(23C).10BB
2Section 10AAudit report certifying the deduction claimed under section 10A56F
3Section 12AAudit report certifying the exemption claimed under section 11 by a trust registered under section 12A10B
4Section 32ABAudit report certifying the deposits made to investment deposit account for the purposes of deduction under section 32AB3AAA
5Section 33ABAudit report certifying the deduction for expenditure on know how under Section 33AB.3AC
6Section 33ABAAudit report certifying the deduction for expenditure for obtaining right to use spectrum for telecommunication services under Section 33ABA.3AD
7Section 35DAudit report certifying deduction for amortization of certain preliminary expenditure under Section 35D.3AE
8Section 35EAudit report certifying the deduction for expenditure on prospecting for certain mineral under Section 35E.3AE
9Section 44A8Audit report where a person is carrying on business or profession3CA/3CB/
3CD
10Section 44DAAudit report to certify the income computed by way of royalties provisions of Section 44DA3CE
11Section 50BAudit report to certify the capital gains computed on slump sale as per provisions of Section SOB3CEA
12Section 80-IAAudit report certifying the deduction in respect of profit & gains from industrial undertakings or enterprises engaged in infrastructure development under Section 80-IA.10CCB
13Section 80-lBAudit report certifying the deduction in respect of profit & gains from industrial undertakings other than infrastructure development undertakings under Section 80-lB.10CCBA
14Section 80JJAAAudit report certifying the deduction in respect of employment of new employees under Section 80JJAA.10DA
15Section 92FChange in definition of ‘Specific Date’
16Section 115JBAudit report certifying the book profit computed for the purpose of MAT under Section 115JB29B
17Section 1 15JCAudit report certifying the adjusted total income and computation of AMT as per section 115)C29C
18Section 115VWAudit report certifying the computation of income made under tonnage taxation scheme66

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