Non-Salaried may Get to File Returns by November 30

Non-Salaried may Get to File Returns by November 30

On Thursday the Bombay high court directed the Central Board of Direct Taxes to consider an extension of the due date for filing of Income Tax (I-T) returns by non- salaried taxpayers to November 30 from September 30. Non-salaried taxpayers, who are covered under tax audit provisions but to whom the transfer pricing provisions do not apply, are required to file their I-T returns and get their accounts audited by September 30.

The CBDT had extended the due date to November 30 for filing the tax audit report in August. This extension was introduced owing to the substantial changes made in the revised Tax Audit Report Form (Form 3CD). The due date of September 30 for filing I-T returns itself was not extended, which resulted in an anomaly.

Business entities and companies whose sales, turnover or gross receipt exceed Rs 1 crore and professionals such as advocates or doctors, whose gross revenue is more than Rs 25 lakh are covered by the tax audit provisions and were adversely impacted. The basis for filing the I-T return is the details contained in Form 3CD, many of these taxpayers faced difficulties. This prompted tax practitioners and professional associations to file write petitions across high courts in India, seeking extensions of the date for filing the I-T return.


Enter your email address:

Comments