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CA Bodies Request for New Timeline of GST Returns, ITR & Audits

Various departments from the chartered accountants (CAs) throughout the country have urged the finance minister Nirmala Sitharaman to prolong the last date for furnishing the income-tax (I-T), goods and services tax (GST), along with the additional audits in context to the difficulties faced due to coronavirus (COVID-19) pandemic.

CA Bodies Request for Tax and GST Deadline Extension

From time to time the CA department is requesting for the prolongation of the deadlines. Recently they have proposed the finance minister to address the Central Board of Direct Taxes (CBDT) to prolong all the expected dates for the assessment year 2020-21 to 31 March 2021.

The letter is signed by presidents of Bombay Chartered Accountants’ Society (BCAS), Chartered Accountants Association of Ahmedabad, Chartered Accountants Association of Surat, Karnataka State Chartered Accountants’ Association, and Lucknow Chartered Accountants’ Society.

The comment reveals that “Most professionals and their client taxpayers are of the view that it is very difficult to meet the various deadlines for income-tax compliances as their focus right now is on getting their operations on track. Most of the business establishments as well as tax professionals are finding it difficult to operate at full capacity. The shortage of manpower has paralyzed the continuity of work. All such issues are making it virtually impossible for most of our members and the taxpayers to adhere to the revised due dates of 31 December 2020.”

CA department specified that excluding the problems from the pandemic the other complex compliances such as furnishing the Income-tax return forms Read the easy guide on e-filing of IT return online in India. Step by step guide to filing income tax returns through official income tax department portal, tax audit report (TAR) and other concerns such as the obstacle in the e-filing and regular updation in the policy of the ITR/TAR form filing utility. The time is needed to provide the details in the notified ITR forms, which is needed to bethink so as to consider the prolongation of the due dates.

31 December 2020 is the last date to furnish the yearly reconciliation statement (GSTR 9C) including the yearly return (GSTR9) for the fiscal year 2018-2019.

For the fiscal year, 2019-2020 the last date for furnishing the financial statements with several law authorities is being prolonged. “Therefore, in the absence of finalized audited financial statements, the process of GST Audit cannot begin. Further, the GST portal has enabled the filing of the GST Audit Reports Get some necessary points to be noted while filing GSTR 9C (GST Annual Return Audit Form) by tax professionals along with easy guide before GST audit report. read more for FY 2019-20 only a few days back.”

“In view of the above-mentioned genuine difficulties faced by the assessee of the country, we humbly request you to kindly direct the CBDT to extend all the deadlines under the Income-tax Act for AY2020-21 to 31 March 2021 and to extend the due dates for FY 2018-19 and 2019-20 under GST Act also to 31 March 2021,” said in the presentation.

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Arpit Kulshrestha
Arpit Kulshrestha seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of SAG infotech which provides taxation and IT software. Writing from observations and researching makes his articles virtuous. View more posts
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