Govt extends deadline for return filing of audit reports to November 7

CBDT has revised e-filing ITR preparation utilities for filing all types of ITR forms and tax audit report

 

 

The government has decided to extend until November 7 the last date for e-filing of income tax returns for those taxpayers who file audit reports.

A senior official said the Central Board of Direct Taxes (CBDT) took the decision to extend the deadline by a week, considering the "representations made by various stakeholders".

This is the second extension given to them after the first deadline expired on September 30 and it was extended until October 31.

Tax practitioner bodies had sought an extension from the government, saying they needed more time to file returns for entities where tax audit report or transfer pricing report or other audit reports are prescribed to be filled.

Among other things, they had cited non-availability of clerical staff at chartered accountants' offices due to the GST rollout as a reason.

"This year, professionals are busy in making compliance with GST obligations... the technical glitches in the system have aggravated the problems," a federation had said in a representation to the CBDT, the policy-making body of the Income Tax Department.

Besides, the CBDT has revised e-filing income tax return (ITR) preparation utilities for filing all types of ITR forms, tax audit report, the federation had said.

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Missed the ITR deadline? Here's what you need to do next

Filing returns after the due date can have repercussions even if there are no pending liabilities

Income Tax Filing (I-T) returns on time is every taxpayer’s responsibility and there are several benefits extended to the individual for the same. On the other hand, filing returns after the due date can have repercussions for the taxpayer even if there are no pending tax liabilities. However, if you have missed the deadline, you can file a belated return.

 

What is a belated return?

A belated IT return can be filed after the due date but before the end of the assessment year. Belated returns have to be filed within one year from the end of the relevant financial year. Hence, if you need to file your return for financial year 2015-16, the assessment year will be 2016-17 and the belated return can be filed by March 31, 2017. Similarly, if you must file your return for financial year 2016-17, you must do so by March 31, 2018 — the end of assessment year 2017-18.

The procedure to file a belated return is the same as Income tax efiling the return within the due date. Log into your e-filing account on the I-T department’s website, select the applicable ITR form and assessment year, and proceed. For example, if you are filing the return for financial year 2015-16, select assessment year 2016-17.

Consequences of filing late returns