CBDT extends date for return filing by businessman, professionals

NEW DELHI: Income Tax department today extended the last date for filing I-T return for businessman and professionals who are required to submit the tax audit report.

"The CBDT has extended the due-date for furnishing return of income from September 30 to November 30, 2014 for 2014-15 in the case of an assessee who is required to get his accounts audited under Section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under Section 44AB of the Act," a statement said.

Under Section 44AB of I-T Act, businessman having a turnover of over Rs one crore or a professional with an income exceeding Rs 25 lakh is required to submit a tax audit report.

Earlier the Central Board of Direct Taxes (CBDT) had extended the date for furnishing tax audit report by two months to November 30, 2014. The assessees wanted the CBDT to also extend the date for filing the I-T returns and had filed writ petitions in various High Courts.

The Gujarat High Court had directed the Board to extend the due date for furnishing the return of income to November 30. Other High Courts also directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.

In compliance to the judgements of various High Courts, the CBDT statement has decided to extend the last date for filing of returns.

This provision will not apply to assessees who are not required to obtain tax audit report. For them the last date for filing I-T returns was July 31.