Everyone is waiting for date extension for Tax Audit Report & ITR filing.

Circulation of fake message has become a regular features now. SInce yesterday, the fake message of date being extended is in circulation. The best part is that the CBDT has not come out with the clarification rather the professionals has themselves came to know about the veracity of the message.

Whether the Date will be extended?

Everyone is expecting the date extension bu there is no such communication or consideration by the CBDT as of now. Lot many representations have already been done but it is not finding the favor of the department.

If the date is not extended, it will be the biggest non compliance with high penalty consequences. Not to forget, Modi Government is known for its bold decisions, whether favourable or unfavourable to the taxpayers.

Internal sources have denied the possibility of date extension.. The sources says that the period of 6 months is sufficient for assessee to upload the returns and have clearly refused to grant the date for date extension”

Most of the representation have demanded the date extension for the reason that

1. ITR forms were notified late.

2. The date of 31st July was also extended by one month resulting in delay of the return filing procedure..

3 TDS return filing date was also extended

As a result of all above, there is a need for date extension. With only 5 days to go, heat-beat of all the professionals are high as all were confident of date extension.

However, despite the denial by officials, there are the chances of date extension for the following reasons:

1. Assembly election

2. Chances of professionals association approaching the court

3. Around 66% audit report still not filed.

4. Flood situations in various parts of the country

The final call for date extension now rests with the FM Smt. Nirmala Sitharaman.

Let us hope for something best ahead.