CGCTC pray to Finance Minister that due date for filing Income Tax Return u/s 139(1) for the assessee not required to get the books of accounts audited for the Assessment Year 2022-23 should be extended at least up to 31st August, 2022 at earliest.
Central Gujarat Chamber of Tax Consultants (CGCTC)
Date: 27/07/2022
To,
HON’BLE SMT. NIRMALA SITHARAMAN
The Honorable Finance Minister,
New Delhi.
SHRI TARUN BAJAJ
Revenue Secretary,
Ministry of Finance,
New Delhi.
SHRI NITIN GUPTA
Chairman, Central Board of Direct Taxes,
New Delhi.
SUB: REPRESENTATION IN RESPECT TO DUE DATE FOR FILING INCOME TAX RETURNS (FOR NON-AUDIT CASES)
Hon’ble Madam,
It is respectfully submitted as under:-
Central Gujarat Chamber of Tax Consultants (CGCTC), founded in the year 2011, is an organisation comparing of Tax Advocates, Chartered Accountants, Income Tax Practitioners, GST Practitioners from Vadodara, Bharuch, Godhra, Dahod, Halol, Kheda (Nadiad), Anand, Narmada etc with a strength of around 310 members. Our Chamber has been proactively supporting all the initiatives of the Government by creating awareness and disseminating knowledge among various stakeholders through organising conferences, seminars and study circle meetings. Also, we have been acting as a bridge between Income Tax, Value Added Tax (VAT) Departments, Excise and Customs (Service Tax) Departments, GST Departments, Tax Practitioners and assesses at large.
We would like to bring to your notice that for the assessee, who is not required to get the books of accounts audited are required to file their return of income tax u/s 139(1) for which the due date for filing is 31st July every year. The due date is important for multiple criteria such as carry forward of losses and avoid late filing fees. Also , we all know that compliance burden has not reduced and even when tax audit report u/s 44AB is not required, while filing the income tax return, reporting under various sections and disallowance of expenses due to applicability of the provisions of TDS / TCS under various sections is equally applicable and it requires professional assistance, thorough review of books of accounts and preparation of financial statements in accordance with various applicable standards and provisions.
It needs to be noted that the due dates for filing TDS returns is 31st May every year. With the TDS / TCS provisions on so many transactions, most of the assessee have TDS / TCS credit which needs to be claimed in the Income Tax Return, which also needs to be claimed based on TDS / TCS certificates issued from TRACES and matching with 26AS, as CPC will not allow TDS / TCS credit which do not reflect in 26AS. It is to be noted not only small taxpayers but also corporates, NBFCs and even banks file there TDS data late due to some or the other reasons, which makes it really difficult for the tax payer to determine actual tax liability and tax credits.
Due to this reason, the actual possibility for filing the Income Tax Return starts only after 10th June, which effectively leaves 51 days including weekends and holidays up to due date 31st July.
In view of the above, it is practically very difficult to file Income tax return in case of large number of tax payers by prescribed due date.
We, therefore, sincerely pray that due date for filing Income Tax Return u/s 139(1) for the assessee not required to get the books of accounts audited for the Assessment Year 2022-23 should be extended at least up to 31st August, 2022 at earliest.
Your Truly,
For and behalf of
CENTRAL GUJARAT CHAMBER OF TAX CONSULTANTS (CGCTC)
Sanjay V. Patel
President
Representation on Income Tax Return due Date Extension
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