As the due date for filing income tax returns are fast approaching, the Institute of Chartered Accountants of India (ICAI) has requested the Central government to extend the due date for at least a month in the interest of both the taxpayers and the practitioners.
“We wish to inform that ICAI is increasingly getting information from our members about various legal, technical and practical difficulties being faced by taxpayers w.r.t. coping up with the new forms of returns of income for AY 2018-19, which is ultimately leading to delays in filing the returns of income by the prescribed time limits,” a representation submitted by the ICAI said.
It was pointed out that the delay in the release of ITR form utilities and continuous and regular updation in the Schemes has caused difficulties for the taxpayers and tax practitioners.
The Board had notified the new Income Tax Return forms for the assessment year 2018-19 on April 5. The Income Tax department has launched all the income tax forms for e-filing after more than a month of them being notified.
It was further pointed out that there was a delay in updation of TDS credit in Form No. 26AS of the taxpayer and approaching due date of TDS statement filing for the first quarter.
It was further said that from the current Assessment Year non-filing of ITR before the due date will invite late fee uls. 234F of Rs. 1,000/5,000/1-0,000 as the case may be.
The ICAI further said that “GST Department is in process of coming up with modifications of returns which have been filed for rectifications. The dates have not been declared yet, which will also have an impact on the profit and loss account filed and thereby affecting the incomes/profits being reported in the ITR Forms.”
