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CBDT allows tax audit report revision in case of disallowance recalculation, notifies rules

CBDT allows tax audit report revision in case of disallowance recalculation, notifies rules
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Synopsis
Section 40 refers to amounts that are not deductible while computing income chargeable under profits and gains of business or profession, while Section 43B refers to amounts that can be deducted on actual payments made by the assessee.
Agencies
India had reduced the corporate tax rate for existing companies to 22% and for new manufacturing units to 15% subject to the condition that companies do not avail any exemption or deductions.
The Central Board of Direct Taxes has notified amendments to the income tax rules which allow tax audit reports to be revised if there’s a need for recalculation of disallowance basis deductible and non-deductible amounts specified in the income tax Act. ....

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Deadline For Income Tax Returns: Uttarakhand High Court Directs CBDT To Consider Representations

The Uttarakhand High Court on Friday directed the Central Board of Direct Taxes (CBDT) to consider representations seeking extension of due date of filing the Tax Audit Report and Income Tax Return. ....

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Gujarat HC declines to interfere in CBDT's order of not extending due date of Audit Reports

Gujarat HC declines to interfere in CBDT’s order of not extending due date of Audit Reports
January 14, 2021
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Gujarat High Court has decided not to overrule the order by Central Board of Direct Taxes (CBDT) related to the due date for filing Audit Report under Income Tax Act.
This means Audit Report related with AY2020-21 (FY 2019-20) under section 44AB needs to be filed by January 15. After filing these reports, concerned assesses will be required to file Income Tax Return by February 15.
“In the overall view of the matter, we have reached to the conclusion that we should not interfere in the matter,” a division bench of Gujarat High Court said while rejecting plea of All Gujarat Federation of Tax Consultant. ....

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Gujarat HC refuses to extend income tax return filing deadline

Gujarat HC refuses to extend income tax return filing deadline
The court stated that CBDT can take a lenient approach in terms of consequences of late filing of tax audit reports; We leave it to the better discretion of the CBDT, it said
BusinessToday.In | January 15, 2021 | Updated 00:09 IST
Gujarat High Court has dismissed a writ petition by tax consultants seeking extension in deadline for filing income tax returns and tax audit reports. In its order on Thursday, the court noted that the Central Board of Direct Taxes has looked at the matter closely and the court cannot order it to extend the time limit considering the effect it will have on revenue collection. It further observed that CBDT can offer some leeway regarding consequences of delay in filing tax audit reports. ....

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Gujarat HC rejects plea to extend deadline for filing tax returns

The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports.
The Income Tax Department had on Monday rejected demand for further extension of the deadline for filing returns where audit is required beyond February 15.
According to an oral order on January 13, 2021, the court said it has reached the conclusion that it should not interfere in the matter after hearing all the parties.
In the result, both the writ applications fail and are hereby rejected. At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard, it said. ....

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