Given that it is the first year for I-T filers after the new indirect tax regime came in, many tax practitioners had petitioned for more time.
The Central Board of Direct Taxes (CBDT) on Monday extended the deadline for filing income-tax returns and audit reports for the assessment year 2018-19 by another 15 days to October 15 for certain classes of taxpayers. This is applicable for businesses with an annual turnover of Rs 2 crore, which are also required to get their accounts audited by a chartered accountant.
However, the extension is only on filing as September 30 continues to be the deadline for paying taxes.
The return forms released by the I-T department earlier had asked for details related to goods and services tax (GST). Given that it is the first year for I-T filers after the new indirect tax regime came in, many tax practitioners had petitioned the board to provide more time. “Given that July 31 due date was extended to August 31, changes in tax return form as well as the utility for tax return form and various changes in GST, this is a welcome move,” Samir Kanabar, tax partner, EY India, said
“It is indispensable for an entity to reconcile the figures, of turnover, input tax credit and output tax liability, appearing in the books of account with the figures reported in GST returns,” Naveen Wadhwa, DGM, Taxmann.com, said.
Extension would provide additional time to the auditors and entities to reconcile the records and report the correct figures, as any mismatch in the figures would result in wrong reporting in income-tax returns and tax audit report, Wadhwa added.