Review of extension of date for filing audit reports and ITRs by the Finance Minister, CBDT
Section 44AB of the Income Tax Act, 1961 deals with the requirement in respect of audit of accounts of certain persons carrying on business or profession.
It is estimated that a large number of cases are pending, countrywide, for audit as well as filing of related Income Tax Return(ITR), where there is compulsory requirement of audit & filing of ITR upto 31st of October 2017. Central Board of Direct Taxes (CBDT) has done a great job by already extending the due date of 30.09.2017 to 31.10.2017 for filing of audit reports and returns well understanding in advance the hard realities in the matter.
Most of the returns are filed by tax professionals and not by assessees. Also, there were amendments in respect of forms of audit reports.
Large number of Chartered Accountants are finding inability in completing the task taken by them from their clients. The Institute of Chartered Accountants of India has also requested for extension of the extended date from 31.10.2017 to 30.11.2017.
Tax consultants as well as assessees were busy recently in completing the festivals requirements as well as making compliance of the GST returns for which still there is immediate due date of 31.10.2017 for filing GSTR 2.
There is going to be heavy rush in banks on October 30 and 31 due to closure of the banks on October 28 and 29 October of 2017.E-filing portal of Income Tax Department will also start slower working at the last date.
The tax regime should be tax payers friendly and also for tax professionals.
Looking to the practical problems at the high time, the due date for audited and filing of ITRs should be extended to atleast to 15.11.2017 by CBDT. Hon’ble Finance Minister Mr. Arun Jaitley may take an early action in respect of the above by reviewing the government policies & intention of the legislature.