Gujarat Chamber of commerce & Industry Request for extension of due date for submission of Tax Audit Report for A.Y. 2020-21 and Income Tax returns for A.Y. 2020-21 to 31st December, 2020.
Gujarat Chamber of commerce & Industry
14th October, 2020/16371
Smt. Nirmala Sitharaman
The Hon’ble Union Minister of Finance,
Ministry of Finance,
Government of India,
New Delhi – 110001
Sub: Request for extension of due date for submission of Tax Audit Report for A.Y. 2020-21 and Income Tax returns for A.Y. 2020-21 to 31st December, 2020
At the outset, we would like to place on record our sincere appreciation to your good office and the government for comprehensive and robust response to the raging COVID-19 pandemic.
Role of Gujarat Chamber of Commerce and Industries through its Direct Tax Committee inter alia is to be a bridge between tax payers and tax administration:
We are writing this letter to your good self to extend the due date for submission of Tax Audit Reports from 31st October, 2020 to 31st December, 2020 and due date of filing Income Tax returns from 30th November, 2020 to 31st December, 2020 due to the following reasons:
♦ ISSUES ARISING DUE TO COVID-19 PANDEMIC
a) Lack of employees/working personals in offices of professionals.
b) Entities are not being able to finalize the data for Audit and filing of return.
c) Transport Restrictions.
d) Psychological impact of COVID-19.
♦ EXTENSION OF OTHER STATUTORY DUE DATES FOR F.Y. 2019-20 (AN. 2020-21)
All the statutory authorities have extended the due dates due to the unprecedented situation of COVID-19 which has affected one and all concerned.
♦ DELAY IN AVAILABILITY OF ONLINE UTILITY FOR FORM – 3CD AND ITR-6 / ITR-7
Further, although new ITR forms for A.Y. 2020-21 were notified on 29th May, 2020, the utility for filing the ITR-6 and ITR-7 were made available for e-filing on 1st October, 2020 and 30th September, 2020 respectively. Further on 1st October, 2020, various changes were also made in the tax audit report and ITR-6 for A.Y. 2020-21.
♦ DUE DATES OF Q2 (2020-21) TDS RETURN AND GST AUDIT OF F.Y. 2018-19 is 31st OCTOBER, 2020
The due date of filing of TDS returns for the 2nd quarter of financial year 202021 is 31st October, 2020. Further TCS provisions under section 206C (1H) are also effective from 1st October, 2020 which has increased the compliance burden of the assessees.
Moreover, under GST law, any unclaimed eligible input for the previous financial year 2019-20 has to be claimed in the GST return for any month but not later than the return of September 2020. The due date of filing GSTR-3B for the month of September-2020 is 20th October, 2020, after which, the unclaimed input shall lapse, which would be a permanent loss to the assessee. Many business houses, particularly, SMEs might not have claimed eligible inputs properly. Professionals and consultants have to devote more time to ascertain such lapses and suggest corrective actions.
♦ MAJOR CHANGES IN DIRECT TAX REGIME
It is necessary to carefully consider Form 26AS and reconcile the information required to be submitted in the income tax return with that of Form 26AS. This will require additional efforts and time for entities and professionals for identifying and assessing impacts of transactions reported.
The section 11SBAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 which provides option to domestic companies to pay tax at lower rate of 22% after forgoing certain deductions. This option once exercised cannot be reversed. For which tax payers have to determine the tax rate which will be more beneficial for them. In addition, tax payer needs to file an additional form if they choose for the new regime. All this procedure requires sufficient time to understand and digest the changes before filing the returns.
We would be very grateful if your good self would take an early action in this regard and have a positive consideration of our requests. This will be very useful for the taxation fraternity and also for the trade and industry. In conclusion, we request that a suitable order may be issued to this effect at the earliest.
With warm regards,
Also Read Other Similar Representations:-
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|11.||11/10/2020||संभागीय चैम्बर ऑफ़ कॉमर्स एंड इंडस्ट्रीज भरतपुर (राजस्थान)||Extend GSTR-9, GSTR-9C ITR & Tax Audit Due dates|
|12.||12/10/2020||All Gujarat Federation of Tax Consultants||Extend due date of filing of Tax Audit Report & Income Tax Return|
|13.||13/10/2020||Tax Practitioners Association, Indore||Extend dates for filing Tax Audit Report & ITR for AY 2020-21|
|14.||14/10/2020||Tax Bar Association, Bhilwara||Extend Due Date of filing of Tax Audit & Income Tax Return|
|15.||14/10/2020||Gujarat Chamber of commerce & Industry||Extend due date to submit Tax Audit Report & ITR to 31.12.2020|
|16.||15/10/2020||Karnataka State Chartered Accountants Association||Extend due date for filing TAR to 28.2.2021 & ITR to 31.03.2021|
|17.||13/10/2020||All India Federation of Tax Practitioners (CZ)||Request to extend date of filing Income Tax Audit for FY 2019-20|
|18.||NA||Tax Consultant’s Association, Jaipur||Extend due date for submitting Tax Audit Report & IT Returns|
|19.||10/10/2020||Udaipur Tax Bar Association||Further extend due dates for filing of both ITR & TAR|
|20.||08/10/2020||Tax Bar Association, Alwar||Extend due date to submit Tax Audit Report & IT Returns|
|21.||07/09/2020||Tax Bar Association, Kota||Extend due date for submitting Tax Audit Report & filing IT Returns|
|22.||NA||Nagpur Chamber of Commerce Limited||Extend due date for filing of Tax Audit reports, TP Audits & ITR|
|23.||21/10/2020||Lucknow Chartered Accountants Society, Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Chartered Accountants Association (Surat) and Karnataka State Chartered Accountants Association||Extend Income Tax and GST Audit & Return Filing dates|