Wednesday, September 16, 2015

INCOME TAX RETURNS- EXTENSION OF DATE

The issue of the last date filing of Income Tax Return this year is troubling the entire business community and more particularly the profession of Chartered Accountants. In view of the following important issues this year:-


  • Due to comprehensive changes in ITR, the last date of filing Income Tax Return (ITR) for individuals and small tax payer was extended from July 31 to September 7
  • The Companies Act New disclosure requirements in Balance Sheet have increased multi fold and this is the first year for such additional requirements. 
  • In all earlier years, at least two clear months have been available to file ITRs of corporate and all large assesses including those for which tax audit is mandatory. In the current year only 23 days are available.
  • Large number of notifications including exemptions applicable to corporate sector has been issued by Ministry of Corporate Affairs (MCA) in last three months directly impacting finalisation of accounts and disclosure. 
  • There have been a lot of other factors like adverse weather conditions, political disturbance/election etc. which have effected the working of business and industry adversely Government of India needs to definitely consider the extending the date of filing of returns at least up to October 31, 2015.

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