Category: Companies Act

Tax Audit and ITR filing due date extension

Tax Audit and ITR filing due date extension AY 2017-18 to 31-10-2017. Deadline for filing return of income and all audit reports extended in view of GST.

Order under Section 119 of the Income-tax Act, 1961 (‘Act’)

The Goods and Services Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government. In this backdrop, representations have been filed by various stakeholders requesting for extending the ‘due date’ for filing various reports of audit as well as tax-returns under the Income-tax Act from 30th September, 2017 so as to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws.

 

 

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Mandatory Provision of Rotation of Auditors

An individual auditor cannot act as auditor for more than 5 consecutive years. After completion of his tenure company have to appoint one more auditor in his place. And first auditor eligible only after 5 years completion of his tenure as auditor in that company.

Section 139(2) of the Companies Act, 2013 (the Act) has mandated all listed companies and certain categories of unlisted public companies and private companies to mandatory rotate their auditors (whether such auditor is an individual or a firm) once their auditor has served office as an auditor for a period of 10 or more consecutive years (Rotation Period). In this regard, the third Proviso to Section 139(2) of the Act has provided a moratorium period, wherein companies incorporated prior to 1 April 2014, have been provided a time period of 3 years from such date to comply with the requirement to rotate their auditors. Therefore, beginning 1 April 2017, all companies who are required to rotate their auditors under the Act, will have to rotate their existing