pri Tax Professionals urge extension of dates for ITR as well as VSV & AGM Tax Professionals urge extension of dates for ITR as well as VSV & AGM

Direct Taxes Professionals Association (DTPA), Kolkata has urged Smt. Nirmala Sitharaman, Finance Minister for extension of date of furnishing of Tax Audit Report under section 44AB to 28th February, 2021 and the due date of filing ITRs of Asst Year 2020-21 in audit cases to 31st March, 2021. CA NK Goyal, President of DTPA pointed out that due to Corona Pandemic normalcy in operations is yet to set in. Even many professionals as well as their staff have suffered infection from Covid -19. Therefore, there is need for extension of dates for furnishing tax audit report and ITRs.

Vivad Se Vishwas: Narayan Jain, Chairman of DTPA Representation Committee has also urged for extension of date for filing declaration under Vivad Se Vishwas (VSV) Scheme from 31st December, 2020 to 28th February, 2021. Jain pointed out that in many cases the assessing officers have not been able to give effect to Rectification Petitions and Appeal Effects. Even where additions were made in 2 files and in one was made on Protective basis, in such cases despite declaration under VSV in case of main file, the Officers are reluctant in deleting addition made in other file merely on protective basis. Further due to Faceless Assessment Schemes various Circles and Wards have been merged and there is no communication by the I.T. Department as to who is the Jurisdictional Officer now, who can be approached to follow up for Rectifications and Appeal Effects. Likewise due to faceless Appeal Scheme, the erstwhile Offices of CIT (Appeal) are refusing to accept letter for withdrawal of appeals as required under VSV Scheme, as the appeals have been transferred to NeAC. Considering overall difficulties, it is desirable that the date for filing declaration under VSV should be extended to at least to 28th Feb 2021 so that more disputes are settled, added Jain.

Date for holding Company AGM: Mamta Binani former President of Institute of Company Secretaries of India said that section 96 of the Companies Act 2013 and notification mandates that companies will have to hold their AGM latest by 31st Dec. 2020. However since many corporates have not yet been able to complete their accounts and audit due to Corona Pandemic the last date for holding AGM needs to be extended to 31st March 2021 and the gap between two AGMs may be allowed upto 21 months.

Adv Narayan Jain
Chairman- PR & Representation Committee, DTPA

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July 2021