IMPACTS of ITR and Tax Audit date extension to 15th October

IMPACTS of ITR and Tax Audit date extension to 15th October

On 24th September the date of filing the ITR and Tax Audit extends. The major impacts of ITR and Tax Audit date extension to 15th October are as follows:

1. 43B Expenses (payment basis allowance) will be allowed if paid on or before 15.10.2018.

2. No Disallowance (100% or 30% of Expense) will be there if TDS will be paid (which has already been deducted till 31.03.2018) till 15.10.2018.

3. PGBP Loss and Capital Gains loss can be carried forward even ITR is filed till 15.10.2018.

4. No Late Fees u/s 234F will be there (INR 1,000/5,000) in case ITR is filed till 15.10.2018.

5. Profit Linked deductions (Section 80-IA to 80-IE), the deduction under Section 10AA of the Income-tax Act, 1961 will be allowed even if ITR is filed till 15.10.2018.

IMPORTANT “234A” Circular 02/2015 dated 10.02.2015

Press Release regarding the extension of the date for filing the ITR and Tax Audit: Press Release

Circular has clarified that if the whole amount of tax payable under the ITR is paid up to the due date of filing ITR, then no Interest u/s 234A will be levied even ITR is filed late.

SO, IT’S BETTER TO PAY YOUR TAXES till 30.09.2018 IN ORDER TO SAVE INTEREST u/s 234A of the Act and File the ITR till 15.10.2018.

CA Amresh Vashisht
Meerut
Fir updates 9837515432