Due Date for Filing Income tax Return for corporate assessees and those who come under compulsory audit under income tax Act or under any other Act is 30th September 2012. Question which comes to every CA professionals mind is whether due for filing income tax return for this year will get extended or not? Now the question is why the government should extend the date? We have found 5 Such reasons why we fell government should extend the due for filing of Income tax Return.
1. First Time implementation of Revised schedule VI – People may argue that what difference it will make if format is changed , but the fact is that implementation of revised schedule has taken lot of additional effort and time of professionals.
2. Late Release of ITR :- This Year ITR been released as late as on 06.08.2012 while ITR 5 been released on 10.07.2012 & ITR 4 t0o was released in last week of June 2012.
3. Disturbance of general life caused due to failure of power in most Part of the Country – There was a complete power failure in India in last week of July which has effected About 22 states and Union Territories.
4. Mandatory e-Filing with Digital Signature for Individual & HUF to whom Audit provision u/s 44AB is applicable – CBDT has vide Notification No.14/2012 [F.No.142/31/2011-TPL]/S.O. 626(E), DATED 28-3-2012 made filing of Return with digital signature Mandatory for Individuals & HUF who are required to get there account audited from Assessment Year 2012-13 onwards.
5. Festivals :- Most of the establishments are virtually closed on account of ongoing Ganpati festivals in Maharashtra and other parts of India.
We would like to invite the comments of our viewers on the topic.