#ExtendDueDates: Corona impacts taxation, DTPA seeks time
According to the report by Business Standard, the Direct Taxes Professionals Association (DTPA) has 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.
#Extend_Due_Dates has been trending on social media platforms like twitter:
The COVID-19 Pandemic has brought the workforce of the country to a standstill. Many of the professionals and their family members have been the victim of the virus and organizations are yet to become fully opereational.
The date had been earlier extended to December 31st in view of the pandemic and lockdown. The move was initiated to provide the tax officials with the space and time to warrant compliance with statutory and regulatory requirements across all sectors.
As per ANI and retweeted by the Finance Minister Nirmala Sitharaman, more than 3.82 crores income tax returns have been already filed till 22nd December, 2020:
According to a tweet by the official twitter handle of Income Tax India, refunds to over 1.18 Crore taxpayers have been issued in the year 2020:
However, it is not advisable to wait for long since ITR documents are sensitive and if one files his/her ITRs way before the deadline, the chances of ITR having errors are comparatively low to doing it in haste. In addition, 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. Furthermore, taxpayers who are expecting refunds should also try to file their tax returns as early as possible so that their refunds can also be processed earlier.
Checkbrand.online urges its readers to file their tax return on time. The tax we pay is utilised to provide us with basic services like infrastructure, healthcare and transportation. Let every Indian be a good samaritan and contribute in the process of nation building
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