Specified Date for furnshing tax audit report u/s 44AB should also be extended

                                                                         - Narayan Jain and Deepak Jain
Central Board of Direct Taxes has extended the due date of filing of return of income in case of all corporate assessees and those assessees whose accounts are required to be audited under section 44 AB of the Income Tax Act, 1961 is extended till 30.11.2003, vide its order u/s 119(2)(a) dated 16th Oct., 2003.

However the following points are relevant-

1. Specified Date for furnishing tax audit report u/s 44AB is 31st October and the CBDT has not extended the same . To make the extension meaningful, it is suggested that the said specified date for furnishing of tax audit report should also be extended;

2. The extended date is not applicable for charitable trusts as their accounts are audited u/s 12A(b) and not u/s 44AB. Thus these trusts should file their returns by 31st October, 2003.

3. It may also be noted that the extended date will apply in case of those taxpayers who are falling u/s 44AD, 44AE and 44AF i.e. under estimated income schemes but they are willing to pay tax on the basis of actual profits. In such cases also the audit is required u/s 44AB.

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