For the financial year 2022-23 from 31st July 2023 to 31st August 2023, the Tax Advocates Association of Gujarat has urged the Finance Ministry to prolong the last date of ITR Filing.
Before the Union Finance Minister Nirmala Sitharaman, CBDT Chairman, and Principal Chief Commissioner of Income Tax (PCCIT) of Gujarat the representation was addressed.
The Tax Advocates Association Gujarat comprises a professional organization that has registered and enrolled Tax Advocates/Consultants affiliated with The Bar Council of Gujarat. in Ahmedabad, their registered office is located.
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The letter expresses that the last date to file the ITR for A.Y. 2023-24 for the assessee whose accounts would not get audited is quickly approaching i.e. 31/07/2023 and when the assessee losses to file ITR on or prior to the last date, late fees subject to be applied under the taxable income of the taxpayer. Concerning the flood situation in many states within the country, it is urged to extend the due date for filing ITR from 31/07/2023 to 31/08/2023.
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The association sincerely solicits that the country’s critical condition be taken into regard. Due to unusual and unforeseen events, daily life has been significantly disrupted. They express concern about the ongoing, heavy rain, which makes it difficult for taxpayers to interact with specialists about tax compliance and vice versa. The rain and flooding caused significant harm to both taxpayers’ and professionals’ enterprises.
It will be regarded that certainly with regards to the Non-Audited segment of an assessee who needs to file their ITRs on or before 31 July 2023, and acknowledging the verification Of Annual Information Reports which completely furnished the elements of distinct transactions and incomes shown on the portal, the assessee is discovering the same challenging to match and finalizing their Income statements because of non-availability of their accounting staff or else the tax consultants who get clung with water blockage and their routine office work disruption because of heavy and consistent Rainfall since last 15 days, stated in the letter.
Further, it has been reported that careful data preparation on the part of an assessee would be critical so as to meet the genuine and correct filing of their ITR owing to the precise availability of the AIR’s data. Thus, it would be challenging to submit a Return unless the taxpayer and the tax professional sit down together to reconcile and finalize the data. And due to the current circumstance, the whole routine was disrupted.
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Apart from that 31st May of each financial year will be the last date to file the quarter-4 TDS return and the majority of the assessee would be obligated to perform this compliance shall get failed for filing the precise single TDS return, it is seen that the rectifying and revising tendency of the TDS returns is bigger and large because of different transactions as a part of TDS compliance under the provisions of law and hence such assessees shall losses to do the one-time correct single compliance of 26-Q TDS Return correctly which is not able the deductee to obtain his credit in FORM-26AS who is unable to file his ITR instantly.
The finalizing of the data for the majority of these deductee taxpayers, who rely heavily on dividend income, interest income, and now share market capital gains income, which is also subject to TDS on certain transactions as per sec. 194LBB delays the filing of income tax returns.
The organization also drew attention to the fact that the utilities of TDS-TCS in the form of FVU files and the utilities of Income Tax Returns have been updated many times this year. Because of the frequent modifications in utilities, the majority of tax professionals who use privately authorized software have been unable to obtain current utilities. This has also slowed down the work process.
It is quite natural that the system and CBDT constantly update these utilities to improve the correctness of the returns, but it is also true that this causes work to be delayed since tax professionals find the changes to be unsettling. The frequent interruption from natural disasters, such as severe rain, has further slowed down the process of preparing the returns.
The group asked the ministry to extend the deadline until August 31, 2023, citing the aforementioned facts and circumstances.
