INCOME TAX AUDIT & RETURN FILLING DATE EXTENDED TO 17-10-2016
In exercise of the Power conferred u/s 119 of the Income Tax Act, 1961, the CBDT has extended the due date of filling the Income Tax Return to 17-10-2016 for the tax payers whose accounts are audited and who are required to furnish the Return of Income for A. Y. 2016-17 by 30-09-2016 as per provisions of Section 139 (1) of the Income Tax Act, 1961 vide Notification No. F.No.225/195/2016-ITA-II dated 09-09-2016.
As per Section 44AB of the Income Tax Act, 1961, the accounts of an assesses covered under section 44AB, are required to be audited and report to be furnished by an accountant on or before the due date for furnishing the return of Income under sub-section (1) of section 139. Accordingly the due date for furnishing the Audit Report by the an Accountant by virtue of section 44AB of the Income Tax Act, 1961 for the A. Y. 2016-17 has also been extended to 17-10-2016.
It has been explained by the CBDT that as the last date of making declaration under the Income Declaration Scheme, 2016 is 30th September, 2016 which coincides with the last date of filling the Income Tax Return by the aforesaid tax payers, CBDT has issued this notification for extension of the date of filling of the return of income, to remove inconvenience and to facilitate ease of compliance.