Whether recent date extension is applicable to Non audit cases of Companies, Trust and Societies or not?
Query:
Whether date extension is applicable to Non audit cases of Companies, Trust and Societies or not?
Opinion :
Government is now running on Twitter mainly and by other official routes have found a secondary place.
Though the date is extnded through official Twitter communication , formal notification is still awaited.
It’s only after the formal notification that one can decide
“Whether date extension is applicable to Non audit cases of Companies, Trust and Societies or not?”
In the past, CBDT extension order has invariably extended the dates for all assessees who are covered under clause (a) of Explanation 2 to Section 139 which are as under :
(i) companies (tax audit as well as non audit), or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force.
It is expected thay the present extension may be on similar likes but it will be difficult to conclude so without reading the fine prints. The movement ‘extend the tax audit date’ by profesional may be taken by CBDT and they may extend to only those categories of taxpayers who are covered by tax audit provisions.
Till the final fine prints are in public domain, hold on your breadth.
Professionals must note that if the trust claiming exemption under section 11 and societies claiming deduction under chapter VIA like under section 80P must file the return within due date in order to claim such deductions and exempelption. Filing returns after due date would very adversely affect such assessee and there doesn’t exist the clause of ‘reasonable cause’ for allowing it. Be cautious and careful.
