Monday, 5 October 2015

Regarding order of CBDT of extension of time limit for Audit Report and ITR filing

We welcome the order of CBDT dated 1st October 2015 regarding extension of date for filing Audit Report and Income Tax Return.
However, we need to rethink that whether we really need extension.
Last year totally new TAR forms were prescribed so we were cent percent correct in obtaining the extension.
This year due to unfavorable situation in Gujarat, due date for non auditable assessees were being extended suo moto by 7 days in Gujarat and then for entire country. That was the legitimate reason for extension.
This time in ITR and in TAR forms no significant changes been implemented as compared to last year.
We are well equipped with softwares and not making any reports or returns manually, so majority of the work we can complete before time except xml schema generation.
Also the point of Depreciation as per Companies Act 2013 is being optional for this year and that is also applicable to companies only. That has been notified long back in the month of Sept 13, so we can pre-plan it.
I just mean to say that we need some planning as an expert professional. Our profession is shown with great respect. We need to take the integrity of our profession to the higher and higher level day by day and year by year. We should do something that we will be ready with all planning at the earlier stage only.
And yes, it would be totally injustice if I forget to thank Mr CA Aniket Talati,Durgesh Buch and all the members who have contributed their valuable time and efforts in convincing judiciary for extension. Their valuable efforts cannot be ignored. We really thank and salute them. And really apologize if any one is hurted.