Tax professionals have urged the government to extend various deadlines under the Income Tax Act for assessment year 2020-21 and for filing annual reconciliation statement under the Goods and Services Tax Act for the years ending March 2019 and March 2020.
The Bombay Chartered Accountants’ Society, in its representation to the Finance Ministry has cited issues faced by taxpayers due to rising number of Covid-19 cases, mobility restrictions and disruption of transport system for this plea.
It has urged the government to extend various deadlines falling due on Dec. 31. That comes after the government extended various compliance deadlines as a part of its Covid-19 economic package.
Here are the details of various extensions sought by the society:
Income Tax:
The society has urged the government to extend the deadline for filing income tax return, transfer pricing report, tax account roll forward and other reports under the Income Tax Act for assesment year 2020-21, which pertains to financial year 2019-20. This date must be extended from Dec. 31 to March 31, 2021, the society has said in its representation.
Highlighting that the government has already extended the limitation dates for completion of income tax scrutiny proceedings till March, the BCAS has requested a similar extension for various income tax filings.
Also Read: Government Extends Deadline For Completing GST Anti-Profiteering Probe Till March 2021
GST:
The BCAS has also requested the government to extend deadline for filing of GSTR9C and GSTR 9—annual reconciliation statement and return for FY 2018-19 and 2019-20 from Dec. 31 to March 31 next year.
Citing that the government issued certain clarifications on various issues as late as October this year, it has argued that tax professionals were also occupied in the implementation of e-invoicing requirement which becomes effective from Jan. 1.
Further, consultants could not initiate tax audit as the government extended the deadlines for preparation of financial statements, the society has said.
Source: bloombergquint.com
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