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The Central Board of Direct Taxes or CBDT has announced its extension of the date of filing returns of income tax (I-T) cases that demand to be audited by a month to 31 October 2019. The actual deadline for filing ITRs was 30 September 2019. This gives a burden relief to all the entities who hasn’t filed their ITRs still.
For the past two days, there was much debate and stressful discussion on extending the date of Income Tax Return filing and finally, the income tax department have extended the date.
The Central Board of Direct Taxes is responsible for framing the policy for the income tax department. This particular category of ITR is to be registered by those entities that are taxed under section 44AB of the I-T Act like companies, proprietorship, partnership firms among others and their accounts must be audited before ITR filing. Some other categories like working partner in a firm also come under this clause.
Before, the Institute of Chartered Accountants of India or ICAI had written to Central Board of Direct Taxes, recommending to extend the Income Tax Returns deadline for audited entities to November 30.
In a note buttonholing all its members, ICAI wrote: “We would like to inform members that based on the feedback about the various technical and practical difficulties being faced by taxpayers in filing of the new forms of returns of income for AY 2019-20, the difficulties being faced by the taxpayers in filing the ITR Forms as well as tax audit report under section 44AB by 30th September 2019 have been conveyed to the CBDT vide a representation dated 16th September 2019.”
**Also Check out Previous Update on Income Tax Filing