TAX AUDIT DUE DATE EXTENSION: TO CHERISH OR NOT TO CHERISH?

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TAX AUDIT DUE DATE EXTENSION: TO CHERISH OR NOT TO CHERISH?

Finally, the tax audit & ITR filing date is extended from 30th September 2019 to 31st October 2019.

There were lots of debate and stress over the last two days on whether the income tax department would extend the due date or not, for filing of ITRs & Tax Audit Reports in respect of persons whose accounts are required to be audited.

The Central Board of Direct Taxes (CBDT) through its twitter account( New official way of communication) on 26th September announced extension of Tax Audit  due date from 30th September 2019 to 31st October 2019. However, no formal notification has been issued for the same.  The tweet of extension from CBDT has brought much needed respite to taxpayers struggling with GST & other compliances.

What follows is whether such extension is a moment to be cherished or not?

In days to come, there are occasions & compliances such as:

  • 2 oct – Gandhi Jayanti
  • 8 Oct – Dassehra
  • 10 Oct – GSTR1 (monthly)
  • 15 Oct – Roc filing (ADT 1)
  • 18 Oct – GST CMP 08***
  • 20 Oct – GSTR3B (monthly)
  • 21 Oct – Maharashtra Election
  • 25 Oct – Dhanteras
  • 27 Oct – Diwali
  • 28 Oct – New Year
  • 29 Oct – Bhai dhuj
  • 30 Oct – GSTR1 (quarterly)
  • 30 Oct – Roc filing – AOC 4 (Company)
  • 30 Oct – Roc filing –  Form 8 (LLP)
  • 31 Oct – Tax audit
  • 31 Oct – Qtr 2 TDS return

Considering the every month tax & other compliances coupled with festivals it is imperative to understand whether such extension will bring relief to the assessee and CA Fraternity or it will add more to the compliances to do list of October month .Moreover festivals such as Navratri, Dusshera & Diwali being in the upcoming month will definitely hamper the working.

Filing ITRs and Tax Audit Reports is primarily an administrative exercise to inform the Income Tax Department about the payable tax. By extending the deadline, there would be no revenue loss to the Government.

It would had been great if CBDT has extended the due date up to 15 November 2019, as it would have provided more ease to the taxpayers and CAs as well. If the department can increase the due date of GST Audit of F.Y. 2017-18 to 30th November 2019, then the extension of Tax Audit due date for F.Y. 2018-19 can also be increased up to 15th November 2019.

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