If you have questions about how the new due dates will affect your individual situation, please don’t hesitate to get in touch with us. However, we think that it makes sense for this form to be filed at the same time as the tax return and IRS form 8938 (which has similar requirements to the FBAR). The earlier due date takes away some of the time previously available to ensure accuracy and compliance. Preparation and submission of FinCEN Form 114 is a service that we provide (normally in conjunction with tax preparation). The earlier due date for partnership returns comes as a mixed blessing- while partnerships will have a month less time to file, taxpayers that rely on a K-1 to file their individual taxes should gain an extra month of breathing space between the due dates.įBAR filings are becoming more important in the post FATCA era of international information sharing between taxation agencies. For the first time, taxpayers will also be allowed to request a six month extension.ĭue dates for the rest of 2015 remain the same- corporation returns on extension are due September 15, and individual and partnership returns on extension are due October 15.
The due date for FinCEN Form 114 is changed from June 30 to April 15.For corporations other than sub-chapter S corporations, the due date for 2016 and later will be April 15th for calendar year taxpayers, or the fifteenth day of the fourth month following the end of the corporation’s tax year for taxpayers on a fiscal or final year.For partnership returns, the due date for 2016 and later will be March 15th for calendar year taxpayers, or the fifteenth day of the third month following the end of the partnership’s tax year for fiscal year or final year taxpayers.Of special note in this piece of legislation are the modifications to due dates for partnership and corporation tax returns, as well as FinCEN Form 114 (also known as the “FBAR”). The bill was passed by the House of Representatives, 385–34, and signed by President Barack Obama on Friday, July 31. The short-term highway funding extension passed by the Senate during the last week of July contains several important tax provisions (H.R. 2018-19 can also be increased up to 15 th November 2019.For the first time since 1986, tax return due dates for certain filers will change in 2016. Corporation Tax Income Tax DecemDue Date and Extension Changes Table These changes are generally effective for tax years beginning on or after January 1, 2016. 2017-18 to 30 th November 2019, then the extension of Tax Audit due date for F.Y. If the department can increase the due date of GST Audit of F.Y. It would had been great if CBDT has extended the due date up to 15 November 2019, as it would have provided more ease to the taxpayers and CAs as well. By extending the deadline, there would be no revenue loss to the Government. Moreover festivals such as Navratri, Dusshera & Diwali being in the upcoming month will definitely hamper the working.įiling ITRs and Tax Audit Reports is primarily an administrative exercise to inform the Income Tax Department about the payable tax. In days to come, there are occasions & compliances such as:Ĭonsidering the every month tax & other compliances coupled with festivals it is imperative to understand whether such extension will bring relief to the assessee and CA Fraternity or it will add more to the compliances to do list of October month. What follows is whether such extension is a moment to be cherished or not? The tweet of extension from CBDT has brought much needed respite to taxpayers struggling with GST & other compliances.
However, no formal notification has been issued for the same. The Central Board of Direct Taxes (CBDT) through its twitter account( New official way of communication) on 26 th September announced extension of Tax Audit due date from 30 th September 2019 to 31 st October 2019. Extension of due date for filing Service tax return. There were lots of debate and stress over the last two days on whether the income tax department would extend the due date or not, for filing of ITRs & Tax Audit Reports in respect of persons whose accounts are required to be audited. Good News for those who did not file their Service Tax Return by the due date i.e., 25th A p ril for the half year ending March 31 st.The central government by notification has extended the time limit for filing the Service tax return till 29th A p ril, 2016.
TAX AUDIT DUE DATE EXTENSION: TO CHERISH OR NOT TO CHERISH?įinally, the tax audit & ITR filing date is extended from 30 th September 2019 to 31 st October 2019.