#FinanceMinister: Trending on twitter over extension of dates

The Direct Taxes Professionals Association (DTPA) had urged the Finance Minister for the extension of the date of filing of tax audit report under section 44AB to February 28 and the due date of that of income tax returns of assessment year 2020-21 in audit cases to March, 31, 2021.

However, no official declaration has been made in this regard and #financeminister has been trending on the social media platform twitter:

The COVID-19 Pandemic has brought the workforce of the country to a complete standstill. Many of the professionals and their family members have been the victim of the pandemic and many financial organizations and their employees are yet to become fully opereational. 

The date had been earlier extended to December 31st in view of the pandemic and the global lockdown. The move was done in light to provide the tax officials with the space and time to assure compliance with statutory and regulatory requirements across all sectors.

However, according to the official data provided, over 3 crore audit reports have already been filed and refunds to over a crore of people have already been processed so far. The most recent statistics have been tweeted by the official account of Income Tax Department India:

However, it is advisable to file the tax returns on time due to certain reasons:

⦁    Tax audit reports are sensitive documents, to avoid error, filing the report on time is advisable
⦁    A tax filed on time ensures an early refund
⦁    Taxpayers whose tax liability is greater than Rs 1 lakh should try to file their tax return as earlier since they would be subject to increased interest payment on amonthly basis

Checkbrand.online urges all its readers to file their audit reports on time. The tax we pay goes towards the progress of our nation and eventually comes back to us in the form of development projects by the government.

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