No worries, there'll be an Extension

The whole purpose of deadlines is to promote compliance and penalise those who fail to comply. Extending deadline for ITR filing however has now become a regular affair. In the last seven years, except for the year 2014, deadline has been extended every time.

Update: CBDT has extended the due date to 31-08-2018, for taxpayers who were to file their returns by 31-07-2018.

Connection of Form 26AS with ITR

Form 26AS is a tax statement which contains details of tax deducted by deductors and other important information required for filing income tax return. Non-availability of tax credit in Form 26AS is a common issue faced by taxpayers as many times Deductors fail to file their TDS returns.

The due date to submit TDS return for last quarter for the financial year is 31-May and deductor is required to issue Form-16/16A within 15 days from the due date for furnishing the statement as per Rule 31A. This gives less than 2 months to taxpayers to file their return. This is without considering, TDS CPC portal running slow at this time of the year resulting in time to download the Form 26AS.

Delay in release of ITR form utilities

Every year we face this problem, CBDT delays in releasing the Java/Excel utilities. Due to this unprofessional working of CBDT, taxpayers and professionals have started to demand that the due date of filing income tax return is linked to release of utilities.

The following table is a summary of ‘Java Utility’ release date:

Java/Excel Utility should be released before the end of the relevant of Financial year. This will give sufficient time to taxpayers to prepare their tax returns.

Burden of GST and Income tax

Improper GST implementation has led to a bad name to GST and the never-ending trouble for businesses and professionals. Things are starting to smooth out, however, it is still a big burden due to multiple returns. The fact CBDT didn’t consider this is astonishing and unfair on every taxpayer.

#Return #duedate #cbdt #itr #incometax

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