Tuesday, September 23, 2014

Gujarat HC relief for traders in filing IT returns

Gujarat high court on 22 September asked the Central Board of Direct Taxes (CBDT) and the Income Tax department to extend deadline for filing returns till November 30 for those whose annual turnover is above Rs 1 crore.

Earlier, the IT department had kept September 30 deadline for filing return, but the traders demanded relaxation on the ground that they are required to submit audit report and deadline for the later was September 30. The traders argued that the format for audit report changed on July 25 as per the CBDT. The procedure takes place over 25 days and it was practically impossible for them to submit audit report on September 30. Hence, the IT department extended the deadline for submitting audit report till November 30.

The traders came to the HC complaining that they would not be in a position to file IT returns before they get their audit report. If they do it before getting audit report, they will either have to revise their IT returns or to pay penalty. The HC accepted their demand and kept the final date for IT return for them on November 30.

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