September 30th is the Due Date for filing Income tax Returns for corporate assessees and those who come under compulsory audit. Virtually the Government of India is on a vacation, with Puja and other holidays. Yesterday was a holiday and tomorrow the banks are closed.
Last week, the Institute of Chartered Accountants of India, made a representation to the Chairman, CBDT requesting him to extend the due date for filing the return of income u/s 139 (1) of the Income Tax Act, 1961, as most of the establishments are virtually closed on account of festivals. Representations were received from members all over the country posing the difficulties faced by them in preparing and filing the return of income by due date.
Further, ICAI has also suggested “CBDT to request the Assessing Officers not to fix the cases near to the last date of filing return of income and where the cases are already fixed up the same may be adjourned to some later date. It has been noticed that a large number of cases have been fixed up by the Assessing Officers near to the last date of filing return of income which becomes burdensome for the assessees.” (and of course the CAs)
A CA told us that there is total confusion in the Department and the assessees. Many of the assessees do not cooperate with the Auditors and they want the returns to be filed promptly and properly. It seems even now some Income tax offices are accepting the ITR V Forms. There is total confusion about TDS certificates.
We asked a former senior officer of the IT Department. He said that this is not the first time that September 30 has come. The assessees and CAs are aware of banks being closed on September 30 and they should plan their payments and returns accordingly. In any case, heavens are not going to fall.
But the trade and the CAs are really worried – for the past few days many of them have been working round the clock to meet the target and they hope against hope that the due date will be extended at least by a week. But the decision has to be announced today. All eyes on CBDT.