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.
Due date should be extended because there are so many resaons
sir,
sorry, last date should not be extended.Why you need 6 months to made adjustments in the accounts? The last date for filing the returns should be 30th April.In these years of computerlisation,TDS mismatch, why banks, companies and others take so much time to give account confirmations, these persons should be brought to line by making the date of filing returns for 44AB and Companies jsut 30 or 45 days from the date of closing of account books.By this all the CA’s in India will get plenty of work.The banks will say the server is down, we can not give the account statement for 7 days, the TDS deductor will not follow the uploading of the details to NSDL, the deductee will get notice from the CPC by not giving the credit for the TDS and Tax paid etc., etc.,When all these will get set righted?Why the honest assessees are suffering?With all these why we want the extention of time for filing the returns,even if the extention is made for 12 months the situation in INDIA will not change.
There can lot many reasons for extention………to name a few
1. US Presidential Elections…Debate is hoting up
2. Economic and Financial Ression in Europe
3. India beating England by 90 Runs
4. New Life infused in economy by the Prime Minister……and lot many but i think Professionalism demands things to be
a)Be done correctly to the maximum extent possible
b)In the given / aloted time
stress cannot be an excuse, as stress is part and parcel of the life of any professional
so just by listining in seminars that we are great professional dont really make as great, but its our ability to deliver qulity in time, will definatelly do.
sorry if any one feels offended.
Even if the date for ITR filing is extended, it is for sure we are late Latifs and clamour more and more extensions.All the 5 reasons are nothing but excuses for tardiness of our nature and proverbial Indian strain of procrastination.This is borne out of my experience of over half a century as a professional.
CA.Vallabhdas Raichura
North Potomac, Maryland, U.S.A.:
September 24, 2012.
These are real facts. The main issue was Rev Sch VI. It took a lot of time and effort for Small amd Medium firms who work with limited resourses. The time for non-audit cases where extended to 31st august. This has overlapped into tax audit period. Government should consider extending the date as Tax Audits are important.
The date should be extended because there are so many reasons.
A BIG no to extention. This extention will be a burden on the professionals, as their clients will enjoy the extended period and come at the last date only.
I like the article
due date should be extended for a month
Respected my all coleages,
Due date must be extended,
Gulab Rohit
Hi All,
It must not be extended reason being only extension is not the solution.We have much time to complete and I am sure that for some assessees if government will extend the date they will not complete the task on time and will expect another extension.:) and will have again holidays and every one will enjoy with the date which will be part of festival.
The due date of e-filing of income tax return i.e 30th sept. 2012, should be extended atleast for 7 days , so that all professionals will be able to do the work smoothly and stress freely.
satish says,if extention is given by any of the valid reasons above,the things will remain unchanged.
It should not be extended because next 1 and 1/2month is for major festivals as well as from next year it should 31July for all assesses as otherwise always its hurdle for festival celebrations as well as most of the article clerks get engaged in exams.
It should be extended now o 1st Oct but from next year it should be made 31st August so that such festivals wont affect the professional work
Two more reasons
1. This is the last date for filing the returns of the assessees who are audited under any other Acts. Hence the returns of Co-operative Societies, Societies registered under the Society Registration Acts of the respective states and Trusts registered under the provisions of Indian Trust Act, whose accounts need not be audited under the provisions of Sec 44AB of IT Act have to be filed within this September 30th.
2. We are experiencing too many mis matches between the actual TDS made, TDS as per Form 16 or 16A and TDS appearing in 26AS. It is laborious job to match these and consumes much of our time.
Even if it is extended, clients will take it easy in the festival season and come flying right in the nick of time in our offices….The Government should either-once & for all- change the date of filing to December or take a stern view and make August the due date…As it is, people will always hanker for an extension even in March !!
Due date should be extended for this year
but for next year it should be reduced to august 31st
Date should not be extended.
the date should be extended in all aspect
Should be extended………… 12 TO 16 HRS.LOAD SHEDDING IN RURAL AREA——–ADDITIONAL REASON
If when the format is revised the date of its effect could be notifying from some point of time,that is enforceable and not according to the whims and fancies of the enforcer or the enforced stating reasons irrelevant to field requirements.If details of the required format is laborious to the return filing assessee better to enforce the so far delayed revision from a subsequent period.Any extension beyond the mandatory date is a subvention of rules based on a statute
Due date of ITR should be Extended at least this year due to implementation of Revised Sech 6
date must be extended for scedule vi only
IT SHOULD NOT BE EXTENDED AND SHOULD BE 30th JUNE FROM NEXT YEAR.
Other reason is of Bharat Bandh & cyclone in north – east parts of India resulted in hurdle to comply the I T filing return dates.
All the reasons quoted like Digital Signature, Revised Sch VI, Ganesh Festival etc were already known and have not erupted suddenly. There is no logic in extending the due date. We professionals must change our mind set and get our self free from each work by its original due date as every month there is due date for one work or other. If the date is extended, the clients will vanish away, enjoy holidays and will turn up only one week before the extended due date and spoil our work schedule.
Date 30 th sep is decided in Incometax and this date was informed to everyone,so it is not required to b extended,because these reasons are always remains in India,excuses are many but in no case date 30 th sep should not b extended. Businessmen always like extended date.
Reasons may be many for seeking extension of due dates. Since 30th Sept falls on Sunday and 2nd oct declared holiday on acount of Gandhi Jayanthi it is adviceable to extend only up to 3rd Oct which will definetly benefit th assesse those need to pay tax
Extention is not the solution. Rather, there should be pressure on the authorities to release ITRs well in time, preferably, within April-1st week each year to expedite things. Power failure was only for 2-3 days and festivals will always be there. The reasons are not at all convincing. Let the pressure remain to file within the last date.
Surely the reasons given warrent extension of time. However, (1) there is no justification in release of ITR froms after 31st March; (2) Band(s) organised at the call of Political parties and NGO’s are other causes upsetting the city life with threats of likely roits and untowert incidents.
no need for extension. sch VI revised long time before.PY figures should have been converted last year itself. sufficient time given. But in future, september can be due date for non corporate. November for corporate including Transfer pricing
I would also like to add a few more points against extension:
1. There will be no extension for filing of returns under Companies Act
2. October month is itself full of various other tax compliance deadlines, so extension will, in fact, be more troublesome for professionals
3. Postponement/extension at this stage would affect schedules of next month, in case of jobs other than tax compliances.
It would have been ideal had the extension been considered earlier rather than at this stage of the deadline period.
should be extended .
CA.Subhash Chandra Podder ,FCA
kolkata
24/09/2012
Well facts and it should be extended because on 29th there is saterday and next on sunday. These are the days of bank closing. The assessee / professionals facing problems to deposit the tax due.
Therefore it should be extended.
Of the reasons cited, issue of Revised Schedule VI and the ongoing Ganpati festival should be considered for purpose of extension.
However, many professionals would have already burnt mid-night oil to meet the impending deadline. Many would have also cut short the fesitivites.
It would be unfair if the Government extends the deadline so late. Ideally, considering these factors, the Govt. should have declared an extension atleast in the begining of September. As many comments have pointed out, extensions normally do not serve any purpose as clients disappear and the efforts that we have already put in do not get converted into our bills for professional services. And yes, late comers and those who have not been visiting their consultants during the year and awake from their slumber at the nth moment should be penalised.
atleast for corporate assessees due date can be extended but be communicated well before so that to concentrate atleast on non-corporate 44ab cases.
Yes, date should be extended to 1st oct due to sundy on 30th september.
Well the reasons are valid but as always the government wants to collect maximum revenue before the due date of filing. The extensions comes only at he minute which defeats the very purpose of extension of the date. Either the Governement should come out with a categorical no for extension of date or should extend it now.
They already have valid reasons for extending the same.
no date should not be extended as we professional will not have any free time to do some other work
This is a yearly ritual. Their shall always be a good reason for an extension. If no extension is given, the asseesse will be forced to come on time. Last minute assessee needs to pay a price – either to the professional or the Govt. This will be a deterrent to the assessee’s interest than only will their be some discipline.
The present thinking is unless their is a heavy financial penalty, nobody is afraid of the law. Thus the law abiding citizens suffer.
In many cases there are differences between the amounts of TDS as found in Form 26AS and amounts as given in the certificates issued by deductors.It will take some time to follow up with deductors in order to pursue them to file the revised TDS return so that all the TDS are available in the Form No.26AS. If the return is filed with mismatches the CPC will simply ignore and raise demands or deny credits. Hence time may be extended for at least by one month in order to avoid unnecessary rectification petition/revised return and appeals.
IT IS VERY TRUE THAT DUE DATE OF FILING OF RETURN SHOULD BE SURELY
EXTENDED.
There are three reasons out of 5 are valid one namely 1, 2 & 3. Most valid reason is Revised Sch VI which taking much of our valid time in preparation. Due date must be extended atleast for corporate assesee if not for others.
Dear we do agree with u in this age why u r making the dates give any date with penalty of Rs. 1000.- per day ,collect money which will be useful for political people for their survival
Yes the date should be extended
I dont think that any above reasons have any valid reason to extend the ITR filing date. Infact it should be 30th June from next year.
The earlier we finish the better. Anyways the pressure then will be shifted to the extended date. Early to finish, early to collect the fees 🙂
It is not point extending. The clients then will come near the extended date. They disappear!! Atleast let us finish under the same pressure and momentum. Bills then also can be raised earlier and hopefully the realisation of the same early 🙂
Yes I agrre with all the five points due to which filing of Income tax return date should be extended.
dats tru…it should be extended…:(