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Extension of due date for filing of Income tax return from 30th Sept, 2014 to 30th Nov, 2014

Due Date for filing of return of Income for Assessment Year 2014-15 extended from 30th September, 2014 to 30th November, 2014 in Specified Cases

F.No.153/53/2014-TPL (Pt.I)
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
North Block, TPL Division, New Delhi 

Dated: September 26, 2014

Subject: Extension of due date for filing of Return of Income from 30th Sept, 2014 to 30th Nov, 2014 in specified cases, regarding.

As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.

The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August, 2014 extended the due date for obtaining and furnishing of Tax Audit Report under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to 30th November, 2014. Subsequently, a number of representations were received in the Board requesting for extension of the due date for furnishing of return of income also. Writ petitions were also filed in various High Courts for directing the Board to extend the due date for furnishing of return of income from 30th September, 2014 to 30th November, 2014 in conformity with the extension of the due date for filing of Tax Audit Report.

The Gujarat High Court vide judgement dated 22.09.2014 directed the Board to extend the due date for furnishing the return of income to 30th November, 2014, except for the purposes of charging of interest under section 234A of the Act for late filing of return of income. Other High Courts also directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.

In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the `due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, who is required to file his return of income by 30th September, 2014, and is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act.

There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.

For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

(Rekha Shukla)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT

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Income tax offices will remain open on 26th & 27th July 2014 for accepting the returns of Income

For the convenience of the taxpayers, the Income Tax Department has decided to keep the offices open for accepting the returns of income during normal office hours on 26th July and 27th July, 2014, being Saturday and Sunday. This direction has been issued by the Central Board of Direct Taxes in exercise of powers conferred under section 119 (1) of the Income Tax Act, 1961.

F.No.225/121/2014/ITA.II

Government of India

Ministry of Finance

Central Board of Direct Taxes

New Delhi, the 24th July, 2014

Order under Section 119(1) of the Income tax Act, 1961

The due date for filing of return of income within the meaning of Explanation 2(c) to section 139(1) of the Income Tax Act, 1961 is 315t July 2014. The Income tax authorities are hereby directed that for the convenience of the taxpayers’, arrangements be made for accepting the returns of income during normal office hours on 26th July and 27th July 2014, being Saturday and Sunday respectively. This direction is issued by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income Tax Act, 1961.

Special arrangements may also be made by way of opening additional receipt counters, wherever required, on 26th, 27th, 28th, 30th and 31st wide publicity July, 2014 to facilitate the taxpayers in filing their returns of income conveniently and in a timely manner. These instructions may be given.

(Richa Rastogi)

Under Secretary to the Government of India

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New Wealth Tax Return Form notified by CBDT

CBDT has issued a notification 32/2014 dated 23-06-2014 regarding wealth tax return. CBDT has prescribed that this form can be filed online with or without digital signature. For certain class of Assessee i.e. Individual/HUF not liable to tax audit e-filing is optional but for other class of Assessees i.e. Individual/HUF liable to audit and Companies  return of net wealth in FORM BB shall be furnished electronically under digital signature.

The complete notification has been given as under:

NOTIFICATION 32/2014

WEALTH‐TAX 

Dated- 23rd June, 2014

S.O.1576 (E) .— In exercise of the powers conferred by clause (ba) and clause (bb) of sub‐section (2) of section 46 read with section 14A and section 14B of the Wealth‐tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth‐tax Rules, 1957, namely:

1. (1) These rules may be called the Wealth‐tax (1st Amendment) Rules, 2014.

  (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Wealth‐tax Rules, 1957 (hereinafter referred to as the “said rules”),—

    (i) for rule 3, the following rule shall be substituted, namely:–

“3. Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall—

(a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.

(b) in respect of the assessment year 2014‐15 and any other subsequent assessment year in the case of individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified therein.

(2) Subject to the provisions of sub‐rule (3), for the assessment year 2014‐15 and any other subsequent assessment year, the return of net wealth referred to in sub‐rule (1) shall be furnished electronically under digital signature.

(3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income‐tax Act, 1961(43 of 1961) are not applicable, the return of net wealth referred to in sub‐rule (1) may be furnished for assessment year 2014‐15 in a paper form.

(4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act.

(5) The Director General of Income‐tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in sub‐rule (2).”

3. In the said rules, in Appendix, after Form BA, the following Form shall be inserted; namely:

FORM BB

RETURN OF NET WET WEALTH 

[See rule 3(1)(b) of Wealth-tax Rules, 1957] 

[F.No.143/1/2014‐TPL]

(J. Saravanan)

Under Secretary, TPL 

Click here to download Form BB

Summary of all the major changes that has been made regarding filing of wealth tax return is as follows:

1. New wealth tax return form BB shall be applicable from assessment year 2014-15.

2. E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except as per sr no 3 below.

3. Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15 may file wealth tax return on paper form.

4. Exemption to Individual / HUF is granted (as per sr no -3 above) only for AY 2014-15.so from next year (AY 2015-16) all person are required to e file wealth tax return with digital signature.

5. E filing is to be done with digital signature.

6. Nothing is to be attached with wealth tax return like statement of computation of tax payable, valuation report of registered valuer, proof of tax or interest deposit.

7. E filing process will be notified in due course.

8. Due date to file wealth tax return is same as of Income Tax return 

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No need to submit Provisional Receipt of original statement & Statement Statistics Report for furnishing e-TDS/TCS correction statement

With effect from June 1, 2014, Deductors/Collectors need not submit copy of Provisional Receipt of original statement and Statement Statistics Report (SSR) for furnishing e-TDS/TCS correction statement.

Income Tax Department has revised the procedure for acceptance of e-TDS/TCS correction statements. The same is intimated vide Circular No: NSDL/TIN/2014/024 dated 28 May, 2014. The revised procedure is applicable with effect from June 1, 2014

In view of the above circular, TIN-FCs are required to accept e-TDS/TCS correction statements from Deductors/Collectors with .FVU file and duly signed Form 27A (generated from the latest File Validation Utility). The copy of Original Provisional Receipt and Statement Statistic Report (SSR) need not be accepted from Deductor/Collector.

The Circular produced is given as under:

Circular No: NSDL/TIN/2014/024                                                                                                May 28, 2014

Subject: Revised procedure for acceptance of e-TDS/TCS correction statements and upload of scanned documents to TIN Central System

Attention of all TIN Facilitation Centers (TIN-PCs) is invited to the procedure of acceptance of e-TDS/TCS correction statements and upload of scanned images as provided in chapter 6 and 7 of the TIN-PC Operating Manual (TOM).

As per approval from Income Tax Department, the procedure for acceptance of e-TDS/TCS correction statement stands revised. The same is intimated vide this circular. The revised procedure applicable with effect From June 1, 2014 is as per table below:

Sr. No. Documents to be accepted along with e- TDS/TCS correction statements – Existing procedure Documents to be accepted along with e­TDS/TCS correction statements – Revised procedure (From June 1, 2014)
1 Physical Form 27A Physical Form 27A
2 Statement Statistics Report (SSR)  
3 Copy of Provisional Receipt of Original Statement  

In view of the above, TIN-PCs are required to accept e-TDS/TCS correction statements from Deductors/Collectors with .FVU file and duly signed Form 27A (generated from the latest File Validation Utility). The copy of Original Provisional Receipt and Statement Statistic Report need not be accepted from Deductor/Collector.

The verification of control total screen has to be carried out on the basis of information present on Form 27A.

Further, the revised procedure for upload of scanned images of e-TDS/TCS correction Statements, is as per the following table wherein e-TDS/TCS statements are accepted on or after June 1, 2014.

Documents accepted at the time ofacceptanceof e-TDS / TCS Statement Documents to be returned to Deductor / Collector Scanning of documents
1. CD/Pen Drive2. Form 27A 1. CD/ Pen Drive 1. Form 27A2. Provisional receipt copy generated from SAMIn case of multi-hatch correction statements, following documents to be scanned;

  • Batch 1
    • Form 27A
    • Provisional receipt copy generated from SAM
  • Batch 2
    • Provisional receipt copy generated from SAM
  • Batch 3
    • Provisional receipt copy generated From SAM

Note: For e-TDS/TCS statements accepted upto May 31, 2014, the scanned images of Form 27A and Provisional Receipt needs to be scanned and uploaded as referred vide circular number NSDL/T1N/2011/009 dated May 6, 2011.

The version of TOM after the above said updates is 5.10. The version control sheet is attached as Anneyure A

In case of any clarifications, contact TIN Support Desk on 022-24994201.

For and on behalf of

NSDL e-Governance Infrastructure Limited

Bushan Maideo

Senior Vice President

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