INCOME TAX Extension of tax returns filing deadline for AY 2022–23 till 31st Aug 2022

Extension of tax returns filing deadline for AY 2022–23 till 31st Aug 2022

Extension of tax returns filing deadline for AY 2022–23 till 31st Aug 2022

Extension of the Due date of filing ITR for AY 2022–23 till 31st August 2022

  • A Representation from the Gujarat Federation of Tax Consultants and the Income Tax Bar Association have been submitted to the Indian Minister of Finance and the Chairman of the CBDT to extend the date for submitting ITRs (Non-Audit & Salaried) for the AY 2022–23 from July 31 to August 31, 2022.
  • The abovementioned bar association has given representation with regard to the extension of the timeframe for filing ITRs (For Non-audit Cases).
  • The timeline date for filing ITR for Assessment Year 2022–23 should be required due to the reasons listed below, per the abovementioned demand.
    • Substantial Increase in the Assessee base
    • Schema and Utilities not released on time
    • new Income Tax Portal have Technological Hurdles.
    • Income Tax Portal need detailed Reporting
    • IP Address related reported Issues
    • Reliance & Automated Processing upon Auto Populated Data
  • Last so many years, Income tax act reporting needs and Compliances have readily increased & dependence on the data populated via 3rd party compliances like TCS/ TDS & Multiple kind of statement of financial transaction is increasing. With the increase in the limit of turnover for audit u/s 44AB up to INR 10 Cr., the No of assessees, who are needed to file the Tax return by 31st July has increased than before.
  • This is not related to only small and medium businesses that are not able to update details related to TDS/TCS and statement of financial transaction in time. There are many NBFCs & Listed companies, Banks who file their data late, which makes it really difficult for income tax taxpayers to determine their Actual tax Income tax liability and Income tax credits.
  • By theses reason, Actual possibility for filing the ITR Return begin after 10th June, which leaves around 50 days including holidays & weekends up to the Timeline of 31st July.
  • The ITR’s needed a lot of data as compared to past years. Income tax Computation under the head Capital Gain needed extra efforts to report due to ISIN reporting, grandfathering, etc. Financial Statements for non-corporate business entities formats are drastically changed. Moreover income from dividend required to be bifurcated in five parts for interest calculation u/s 234B & 234C.
  • It is evident from social media handles & Public domain like Facebook, Twitter, where this year many Income Tax Experts and Income Tax taxpayers complaining about the portal not being accessible for multiple days.
  • Last so many years, lot of changes in the forms of ITR’s. The Income tax utilities & schema are not released with in the Timeframe. A lot of tax Experts (i.e CA, CS, CWA ) depend upon 3rd party software Companies.
  • All Gujarat Federation of Tax Consultants and Income Tax Bar Association has representation that after considering above stated reason, Timeline for filing ITR under Section 139(1) for the assessee not needed to get books of accounts audited for the Assessment Year 2022-23 should be extended at least up to 31st Aug, 2022 at earliest.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

Share This Post

Related Articles

Related Videos


E.FILING OF INCOME TAX RETURN | What is e-filing of income tax | Steps to file

E.filing of Income Tax Return | What is e-filing of income tax | Steps to file

Published On: Jan 03, 2022 | By: RJA

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Private Limited Company

Popular Categories

Browse Blogs

Recent Posts

Continuous Non-Filling of GSTR-3B can be ground for GST Registration Cancellation

Continuous Non-Filling of GSTR-3B can be ground for GST Registration Cancellation

Tax & Statutory Compliance Calendar for Oct 2022

Tax & Statutory Compliance Calendar for Oct 2022

Key changes in Schedule-III of the Companies Act wef FY 2021-22

Key changes in Schedule-III of the Companies Act wef FY 2021-22

Is Dir 3 KYC date extended for FY 2022?

Is Dir 3 KYC date extended for FY 2022?

Implications on statutory Auditor if mistake in Schedule III Format

Implications on statutory Auditor if mistake in Schedule III Format

Connect with a RJA Advisor

Fields marked with an * are required

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Get In Touch--

Rajput Jain & Associates

Add: P-60, Connaught Circus, Connaught Place, New Delhi-110001

Email: singh@carajput.com

Phone: 9555555480

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates. All Rights Reserved | Sitemap

Call Email