Request for Permanent Extension of ITR Filing Due-Date to August 31st

All India Cost & Management Accountants Association (AICMAA) has submitted a formal request to the Hon’ble Finance Minister, Smt. Nirmala Sitaraman, urging her to extend the due-date for filing income tax returns (ITR). The organization believes that the current deadline of July 31st is insufficient for taxpayers to file returns with due diligence, and they propose a permanent extension to August 31st.

The AICMAA outlines several reasons for their request. Firstly, the delayed availability of the final version of JSON Schema for ITR for Assessment Year 2023-2024 in June hampers timely filing. Secondly, taxpayers receive Form 16 and Form 16A only after May 31st due to TDS/TCS statements filing, delaying their ability to file returns. Although the AIS system is widely used, it has imperfections that need careful consideration. Additionally, the monsoon season and technical glitches in the e-portal further hinder the filing process.

Conclusion: Considering the challenges faced by taxpayers and taking feedback from stakeholders, the AICMAA seeks a permanent extension of the ITR filing due-date from July 31st to August 31st. This extension would provide taxpayers with adequate time to gather information, perform calculations, and file returns with accuracy, ultimately enhancing the veracity and sanctity of ITRs in the public’s perception.

ALL INDIA COST & MANAGEMENT ACCOUNTANTS ASSOCIATION
(Registered under Societies Registration Act, 1860)

Ref No: AICMANITRD/02/23-24 Dated: 27 July. 2023

To
Hon’ble Smt. Nirmala Sitaraman Minister of Finance
Govt. of India
New Delhi.

SUBJECT: Request For ITR Filing Due-Date of Jul 31st Should Be Extended To August 31st Permanently.

Respected Madam,

Our organisation, All India Cost and Management Accountants Association, is the only national association established exclusively for the welfare and development of CMA fraternity. AICMAA comprises of Cost Accountants who are also members of The Institute of Cost Accountants of India (ICMAI) and having its headquarters in Delhi. Major of us pursuing taxation as Management Accountants, especially addressing the complex inventory valuation.

We are writing and requesting on behalf of the Tax Payers and Tax Professionals of this country that there is a urgent need to extend the due dates for filing income tax returns for individuals and further keep due dates practical so that it provides adequate time at the disposal of taxpayers to file return with necessary due diligence.

We acknowledge the importance of filing tax returns on time and understand that granting extensions is subject to your discretion and the overall requirements of the nation’s financial operations. Therefore, we would like to humbly submit following reasons for your kind consideration.

Firstly, Although ITR Forms duly notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year but the final version of JSON Schema for ITR for the Assessment Year 2023-2024 have been enabled at the start or mid of June.

Secondly, TDS/TCS statements filing due dates are till 31st of May for the last quarter of the previous year, therefore Form 16 and Form 16A are available to tax filers only after that. Tax payers will not be able to file until and unless TDS is reflected in 26AS.

Probably AIS itself is sufficient for majority of taxpayers to file ITR, however AIS is not impeccable and hence needed to be attentive & carefully consider all those figures being reflected thereon.

Last but not the least, monsoon season along with floods, disrupts the internet connection and adversely affect’s mobility as well. Frequent technical glitches in E-Portal with 6.5 crore tax filers is also a considerable factor.

Therefore, effective time available at the disposal of tax payers is not even 30 days and in this very short period to gather various information, obtains documents from third party and then do calculations, reconciliations etc. becomes rushing just like bulls in china shops and in the long run it may likely to adversely impact on the veracity & sanctity of the ITR in the general public minds.

We are writing this after taking all these things in to account and necessary feedback from various stakeholders viz. tax filers and tax professionals, we would urge honourable ministry to consider our request for Extending & Fixing ITR filing due-date for Non Audit cases from 31st July to 31st August permanently”

AICMAA looking forward for a positive outcome of this request letter from your good office.

Thanks and regards,

On behalf of All India CMA Association.

Sign by: Anand Kumar Pandey
Reason: Representation to FM Location: Delhi, India
Date: 28-Jul-2023 (04:43 PM)

(Anand Kumar Pandey)
President