We want to put on record our sincere appreciation to your good office and the government for the complete and robust response to the pandemic and the next action chosen to enhance the economy. We have admired the work of the government toward the rectification of the latest income tax filing portal which works much better and they used to maintain the portal by resolving its issues. We know that various assessee-friendly measures would also be taken by the government and it addresses various issues concerning the taxation part and it brings much more clarity to the system with the lower interaction between the assessee and the tax council.
Submit Query for Fast Income Tax Filing Software
31.05.2022 will be the last date for TDS filing returns. After filing the TDS returns for the salaried and the non-salaried individual, after furnishing the TDS returns for the salaried and the nonsalaried individual, the TDS certificates are needed to be provided in 15 days that is by 15.06.2022. On the receipt of the TDS certificates, the assessee reconciles that with their books of accounts post to that they tell the TDS deductors about amendments. The revised TDS will then need to get filed by the deductors and give the deductees, the corrected TDS certificates. When TDS/TCS would get displayed in Form 26AS of the assessee, the accountants could move with the finalization of accounts/ determination of final tax liability.
There is very less time left for the issuance of the TDS certificates by 15.06.2022, on the hand of the assessee to reconcile and make the income final vis-à-vis the tax deducted. The assessee needed to reconcile the data mentioned in the Annual information statement. Thus they are required the proper time to collect the true data so that their returns are furnished precisely.
For Professionals and Accountants, July Month is Busy
- In the identical month after TDS/ TCS challans and monthly and quarterly GST filings, TCS / TDS quarterly return filings would indeed be done.
- Several latest revisions concerning the TDS such as sections 194R and 194S which are applicable from 01.07.2022), need time to know and execute.
- TDS/TCS sections such as 194Q & 206C(1H) have raised the work of the accountants in which they need to reconcile every transaction and make sure proper TDS/ TCS is deducted/collected.
- The same year, after the revision to the Schedule III of the Companies Act, 2013, a need for new disclosure would be added to the financial statements.
Auditors & Accountants are Working Tough to Follow the New Needs
Also because of the new disclosure requirements of the Companies Auditor’s Report Order (CARO), 2020 which has been made applicable for the financial year 2021-22, the auditors/professionals are revisiting their audit procedures to follow with the CARO 2020 needs. The Accounting Standards Board of ICAI has issued Technical Guide on Financial Statements of Non-Corporate entities that rendered to the constancy of the presentation of the accounts of the non-corporate assessee. The non-corporate entity is in the procedure of taking the recommendatory financials and the same would make it easier.
A Website Login Uses Much More Time to Access
- Form No. 26AS, AIS TIS, downloading issues.
- IT software would not be assisted and face issues during switching to the website.
- The speed of the system is slower, consumes substantial manhours, and causes mental suffering.
- TDS and TCS as per Form No. 26AS under Income tax are not been displayed in prefilled ITR.
- To date, ITR5 is not being updated.
- Even when the login to the portal towards filing it is displaying only the Income-tax return.
- There is no generation of Aadhar OTP.
- Form Nos. 15CA and 15CB also have link issues and so on.
We expect the council to revamp the problem, the same would be recommended to postpone the last date to submit ITRs so that the assessee would not get tensed.
In a normal case,
The late complaints are acknowledged to be an alarming sign for the business health. However these are exceptional situations and thus, we request your good self to extend the last date of income tax return filing of the income u/s 139(1) of the “Income Tax Act, 1961 for all the salaried and non-corporate taxpayers (not subject to audit) from 31.07.2022 to 31.08.2022.”
We are facing all these unprecedented situations and we require your co-operation and patient hearing to our problems. We will be happier if you will soon take action on this and poses a positive consideration of our requests. The same would be very effective for the taxation part and for the trade and industry. The closure will be that we request that suitable orders or clarification might be provided to the same effect.
