Plethora of Obligations under Direct Taxes and GST during July 2018 – A case for extension/re-setting of due date of filing return of income.

The tax professionals will be overloaded with obligations/compliances under the Income Tax and GST in the month of July 2018 which are summarized as under:-

1. Income Tax

July15, 2018:

  • Upload declarations received from recipients in Form No. 15G/15H during the quarter ending June 30, 2018
  • Quarterly statement of TCS for the quarter ending June 30, 2018 (Form No. 27EQ)

July 30, 2018

  • Quarterly TCS certificate for the quarter ending June 30,2018 (Form No. 27D)

July 31,2018

  • Annual return of income for the assessment year 2018-19 if the assessee is not required to submit return of income on September 30, 2018 or November 30,2018. (Form No. ITR-1 to ITR-7)
  • Quarterly statement of tax deducted for the quarter ending June 30,2018 ( TDS Salary: Form No. 24Q), TDS other Form No. 26-Q.

2. GST

  • GSTR -3B : Monthly summary return of GST for June 2018.
  • GSTR – 4 : Quarterly Returns by Composition Dealers.
  • GSTR – 1 : Quarterly Returns with Turnover up to 1.50 Crores
  • GSTR – 1 : Monthly Returns with Turnover exceeding 1.5 Crores.

3. Scrutiny Assessments

a. Under Income Tax Act

b. Under Vat Laws

In addition to the above listed obligations there are other compliances applicable in particular kind of persons under different Direct and Indirect tax laws.

4. Other Factors

a) TDS/TCS transactions are to be updated in 26AS in the month of June 2018 only as the last date for submission of TDS returns is 31st of May and the certificates can be downloaded after 15th of June. The return of income cannot be filed without matching entries in 26AS.

b) Majority of the assessees are in the habit of getting their returns prepared in the last of due dates.

c) This time the professionals are to be under more pressure because every assessee will prefer to file his return within time to avoid the payment of late fees. The late fee provision under section 234F will be applicable from this year only. It is not hard to find the professionals who suffered a lot due to tremendous pressure of work.

d) There are amendments in the return forms and the proper preparation of return will take more time.

e) The time left for filing the returns with professionals will be less than two months for non audit cases which is very short.

5. The implementation of some GST returns and other compliances has been deferred till 30th June 2018. Further compliances of the deferred provisions will create more pressure on the professionals as well as the tax payers.

A case for relaxation in due dates of filing Income Tax Returns:-  As explained in the forgoing paras it will not be possible to comply with the due dates of filing income tax returns. The due date of filing returns (Without Audit) may be reset as 31st August instead of 31st July. It is also requested that this time late fee may be deferred at least till 31st December 2018.

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23 Comments

  1. K L BHARDWAJ Tax consultant says:

    ALL THE FACT OF EXTENSION OF DUE DATE WILL BE IGNORE BY THE GOVT BCZ THE GOVT
    HAS NO CONCERN WITH COMMON PROBLEM

  2. S D Kharadkar says:

    The return forms and utilies are made available nearly in may end ie delayed by almost 60 days .In July GST qtly returns , TDS Returns etc are also required to be filed .Thus considering all this extension is very much required.Let me know whether any organisations, association has made any representation to CBDT/ Central Government and if so what’s the response?

  3. azhar says:

    this is to state that now income tax software in under maintenance. So many firms still not uploaded tds. Please request to extend the date till 31.8.2018 or that penalty till 31.12. 2018 this is humble request sir please co operate.

  4. Sreenivasa Rao says:

    white coloured Babus sitting in air-conditioned offices presume that the entire work is done by machines whereat the man-power requirement is not much needed( I presume so). But machine is a machine which has no brain. Only the specified soft-ware processes it. But it is a specialised job which needs the services of trained personnel, which has become very scarce now and their demands are very high. How many professionals or TP can bear the load? In addition to this last minute modifications are there in the forms as well. Those who are dependent or using bot-out SW have to wait until they are updated. Multiple authorities are there now and each one presumes that he/she/it is superior to the other and needs top priority. In addition, most of the Departmental work is passed on to the Assessee in the form of statistical data in the statutory forms. For over half a century I am in this field. The difficulties of the Tax payer has to be borne in mind by the Authorities while fixing the dates for compliance.They themselves have seen how the things worked when GST was introduced during July 2017 and how the Authorities went on extending the dates. Experience is a teacher for one all. Let us not forget one thing which strikes to mind at this Hour ( Now I am a Super Senior Citizen)- If I am correct, what happened to USSR(then in 1917 ( a Revolution- one of the contributory factor was Taxation policies). Friends kindly verify this. If I am wrong in my observation, I am subject to correction. It is not my intention to hurt any person (either individuals, Authorities etc)
    Let us have a humanistic approach and see that things are done and obligations cast statutorily is complied with with least pressure and difficulty. I do hope the learned readers/members will view in right perspective. If any individual/authority is hurt in any of my points, I offer my advance Apologies to them unconditionally. Let PEACE AND CALM PREVAIL. LET US THINK CALMLY AND PATIENTLY

    SarvE janaH sukhinO bhavanto
    sanmangalAni prApti- rastu

  5. M P Semwal Advocate says:

    There are many Governments and Private organization who file their TDS return on or. before 30th of September also they do not submit correct data how could we file return correctly and how could we revise all return’s Tax Professional are under pressure penalty should be removed otherwise public Will reply in next election.

  6. VINOD KUMAR GUPTA says:

    Agree you with sir, that penalty u/s 234 F should be deferred till 31st day of December . One more amendment is need to be required in submitting TDS/ TCS returns.

  7. Sabiha Ali says:

    The CBDT should fix the due date for filing the Direct Tax Returns and Indirect Tax Returns in such a way that the due dates of filing the same do not coincide and the Tax Consultants can do full justice to their profession. When the dates for filing the Direct Tax Returns and Indirect Tax Returns coincide the tax payers are also put to hardship and avoid their business. Otherwise also it is very difficult to do business in a legal manner in India. The penalty for non filing of return should be done away whereas interest under various section for default in payment of taxes should be increased.

  8. Sabiha Ali says:

    The C.B.D.T. should fix the dates for filing the Direct Tax Returns and Indirect Tax Returns i.e Income Tax and G.S.Tax etc in such a way that the due dates of filing the same do not coincide with each other so that the Tax consultants get considerable time to do justice to their profession. Otherwise the taxpayers are also put to hardship when the dates of the Direct Tax Returns and Indirect Tax Returns coincide. It is very difficult for people to do business in a legal manner in India. The penalty for late filing of Income Tax Return etc. should be done away with instead the rate of interest for default of payment under various sections should be increased.

  9. GANDHI MOHAN BHARATI says:

    Tax Terrorism and penal provisions are norms of the day. Well I am not voting for BJP next time. They tax essential like petroleum just like Britishers taxed Salt

  10. SUNIL PATEL says:

    till today CBDT not release utility to file ITR 2 onward forms and wish from us to file return before 31st July and 30th September this is perfect example of ” TAX TERRORISM ” ….. from July to November festival season in all major states of India our staff enjoyed holiday even relatives and friends also enjoyed festival and we as a agent of Government Tax Collection System make work in our office

  11. ravindra kumar says:

    right you are sir.100% pressure till date.If situation remains the same many casualities may come up to breaking news. Govt should be alerted of its own fallout.

  12. Vincent Cyril Dsilva says:

    The Bank has debited my TDS on 26th March 2018.
    Till date i.e. 25th April 2018 they have not issued me Form 16A as a result it is not reflected on Form 26AS. Such being the scenarion, how can I file my return for the AY 2018-19.

    Please advise.

  13. D V Ramana says:

    In fact all the associations of Tax Professionals and Institutions associated with Tax Profession should unite and in a single voice should request the Govt / CBDT / Finance Ministry to consider the above facts and extend the date of Filing of Tax Returns as in this appeal by Mr. K K Singla. Members may as well find different routes to avoid the penalty U/s. 234F by filing Original returns with half / semi information and later opt for revised return of income. I am sure Revised return of income [if original return of income is filed in time] would not attract penalty U/s. 234F.

  14. UMESH says:

    can we still file itr with penalty for F. year 2016-2017

    if yes. how? pls inform me. I have already paid S. A. tax of Rs. 4500/- on dted.31.3.2018 at 11.50 p.m, when i upload return on 31.3.2018 at 11.58 p.m the income tax site message on screen, your time is over. what to do? pls guid me

    pls guide me

  15. MANISH SAKHUJA says:

    Respected Government/Finance Ministry

    Considering the limitations of time and response of clients due to overall machinery like banks and offices, the government should give further time though can charge penalty so that legible and genuine clients may not suffered….Also the tax profession is now more a liability towards all stakeholders with little reward to us professionals…….and we are also compromising our health directly and indirectly…….Excuse me for any wrong said…….

  16. Nageswara Dutt says:

    The basic concept of uploading return with accuracy can only be achieved with equal spirit of getting updated 26AS forms. Therefore it is essential to see that 26AS is properly uploaded with no physical mistake. Secondly, all the payer I.e.,invariably commits mistake which tells upon assessees. Time factor to see and go for correction of the said mistakes need consideration . in the fitness of things, and looking to the penal clause of application for inaccurate particulars etc, the time limit for all category of assessees should be prefixed to 31st August. It’s notable to record that penal clause in levy and collection of penalty for belated submissions of return is being achieved during current year which was impossible to do so in all such delayed returns, had it been physically done by tax department. Big thanks to such a thinking to bring an enactment.

  17. A Senthil,Tax Consultant says:

    Really all are suffered as a Tax consultant upon these provisions of IT and GST. Govt should be properly informed by the Leading Associations and Institutes. Practically we are (including staff of the consultants ) suffered from July 2017 until today and up to this September 30. More of the staff opted for some other Job opportunities other than in a tax consultant office. So its very crucial now to be in Practice. We should intimate these facts to Govt. If any wrongly said please excuse me.

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