CA Sudhir Halakhandi

CA Sudhir HalakhandiThe date for completion and furnishing of tax audit report is 30th Sept. 2015 and it requires an extension.

Extension this year also? Why? There is no change in the format of tax audit report and further it is available on the site since long back then why an extension is needed this year also?

Yes, there is no change in the format of the audit report and further it is also available on the site for uploading since long back but the real problem is ITRs. Like every year most of the ITRs are relased in the Month of July and August 2015, almost four months late from the beginning of the Assessment year. Now the time which is required to be given by the professionals to the audited assesses is required to be given to the unaudited cases. Hence the extension of the date for TAR is required which can be done by extending the date of audited ITRs. The extension of date of audited ITRs will automatically extend the date of completion and furnishing of audit report since both the dates are correlated with each other in the Income Tax Act. See the relevant portions of Section 44AB the Income Tax Act 1961:-

 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 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


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 :


(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.

Further if we prepare ITRs along with audit reports then it will take less time compared to a situation in which ITRs in audited cases prepared months after completion of the audit. Now the whole issue is based on late declaration of formats of ITRs and further why every year a new format of ITR is needed? Please check the new ITR forms and your will find that nothing exceptionally new is provided in it which will take so much time to draft. If there is need to change the forms then this work should be completed on or before start of the assessment year and if this is not done then the erstwhile forms should be allowed to be used as stopgap arrangement. Why there is suspense with respect to ITRs every year?

(Author may be contacted at [email protected] or on 9198280 67256)

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    The real problem is the Assessees are not taking the audit seriously and in most of the cases, it has been taken as mundane procedures of compliance.

    When the Department takes the Qualifications of auditors seriously and initiate the proceeding for non compliance, the assessees will generally takes note of the views of the auditors seriously

    Hence our job will be more helpful by the time when Department takes note of the auditors and The auditors being questioned while there is a lacumae on the ir part

  2. Arup says:

    Dear sir,
    I want to know, Whether it is possible to file income tax return (From: ITR4 and 4S) for assessment year 2014-15 (FY:2013-2014) as of now?
    If possible then how to file it online?I mean under which section?

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