Due Date for filing of return of Income for Assessment Year 2014-15 Extended from 30th September, 2014 to 30th November, 2014 in Specified Cases. The copy of the press release issued in this regard by Central Board of Direct Taxes dated 26th September, 2014 is presented below.
Central Board of Direct Taxes (CBDT) extended 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 vide F.No.133/24/2014-TP dated 20/08/2014. (Order Under Section 119 of the Income-tax Act, 1961)
CBDT Notifies new Form 3CA, 3CB & 3CD – Format of Tax Audit Report Revised
CBDT Revises Form 3CA, 3CB and 3CD vide Notification No. 33/2014 dated 25-07-2014. The Notification is attached herewith for ready reference which will be applicable from the date of its publication in official gazette.
Notification is as follows :-
The Auditing and Assurance Standards Board of the ICAI has on 28.02.2014 released a Guidance Note on Audit of Banks, 2014 Edition. The revised Guidance Note deals with all the recent important developments that have taken place in the banking sector. It incorporates the guidance for the statutory auditors at branch as well as central level w.r.t. the various circulars of the Reserve Bank of India as well as important pronouncements of the Institute. The Guidance Note has been totally revamped to make it more reader-friendly.
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards.
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "specified number of tax audit assignments" for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60.
Notification regarding Extension of last date for efiling of Tax Audit Report under Income Tax Act, 1961 & CBDT Press Release Clearing things up.
The turnover limit for Audit under Punjab VAT Act, 2005 has been enhanced from Rupees Fifty Lac to Rupees One Crore vide the Notification. The Copy of the Notification is attached here under:-
From assessment year 2013-14 onwards, where an assessee is required to furnish a tax audit report under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB, he shall file the report electronically upto the due date of filing the return of income as stated in rule 12 of the income tax rules amended via notification no 42 dated 11/6/2013.
IT : Income-Tax (Third Amendment) Rules, 2013 - Amendment in Rule 12 & Substitution of Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V
Income tax E filing site has started accepting 30 New e forms (other than ITR FORMS) .This forms are available in two modes .Few of them can be filed online after login to your account and other can be filled offline and then uploaded to as scan copy or XML file as the case may be , at income tax website .
ICAI issued the Guidance note on audit of Banks, 2013 edition. It can be downloaded by clicking here download.
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Tarun Kumar Gupta
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