ITR filings fail to take off as extensions in compliance deadlines put updation of Form 26AS on hold

By: |
June 26, 2020 2:13 PM

One of the important documents – that helps taxpayers file their returns – is Form 26AS, which contains the figures of taxable incomes and TDS from the income.

income tax, income tax return, ITR, due date for ITR filing, Novel Coronavirus COVID-19, COVID-19 lockdown, extension in compliance deadlines, Form 16, Form 16A, Form 26AS, CBDT, Income Tax e-FilingNormally all individuals/assessees whose accounts are not required to be audited need to file their ITRs on or before the due date of July 31.

As normally all individuals/assessees (individuals, HUFs, Association of Persons, Body of Individuals etc.) whose accounts are not required to be audited need to file their Income Tax Returns (ITRs) on or before the due date of July 31 of the relevant Assessment Year (AY), many assessees would have completed filing their Returns by this time. But the lockdwon to contain the spread of highly contagious Novel Coronavirus COVID-19 not only impacted the economy but forced the authorities to extend many compliance deadlines that hampered the ITR filing process.

One of the important documents – that helps taxpayers file their returns – is Form 26AS, which is available on the Income Tax e-Filing site and traditionally contains the figures of taxable incomes (like salary, interest on FD/securities, dividend, commission/brokerage, professional fee, rent received, etc.) and the tax deducted at source (TDS) from the income.

It also contains details of tax collected at source (TCS) and advance/self assessment taxes paid and from this year, also to include information from various entities like banks, listed companies, mutual funds, registrar, stock exchanges etc.

So, the new detailed Form 26AS is expected to not only help the assessees in filing their return of income by bringing most of the required information at one place, but will also make it difficult for taxpayers to hide any income.

However, with the Central Board of Direct Taxes (CBDT) extending the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 further to July 31, 2020 and August 15, 2020 respectively due to COVID-19, updation of Form 26AS and ITR filings get hampered, as furnishing of details given in the TDS/ TCS statements/certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20.

“The date for issuance of Form 16A has been extended. As a result of which Form 26AS is not yet updated. Therefore, we are not filing any returns till the time the Form 26AS gets updated,” said CA Karan Batra, Founder and CEO, CharteredClub.com.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1TAX TALK: NRI stranded in India due to pandemic? You may need to pay income tax
2ITR 2020: Not filed Income Tax Return yet? Here are the consequences you may face
3No Income Tax on life insurance policies of 10 or more years, ICAI recommends Modi govt