Permanent Extension of Income Tax Return Filing Due Date to 31st August

The All India Cost and Management Accountants Association(AICMAA) has requested Hon’ble Finance Minister Nirmala Sitharaman to Permanently extend ITR Filing Due date FY 2022-23 to August 31st.

All India Cost and Management Accountants Association, is the only national association established exclusively for the welfare and development of CMA fraternity. AICMAA comprises of Cost Accountants who are also members of The Institute of Cost Accountants of India (ICMAI) and having its headquarters in Delhi. Major of us pursuing taxation as Management Accountants, especially addressing the complex inventory valuation.

AICMAA is writing and requesting on behalf of the Tax Payers and Tax Professionals of this country that there is a urgent need to extend the due dates for filing income tax returns for individuals and further keep due dates practical so that it provides adequate time at the disposal of taxpayers to file return with necessary due diligence.

They acknowledge the importance of filing tax returns on time and understand that granting extensions is subject to your discretion and the overall requirements of the nation’s financial operations. Therefore, they would like to humbly submit following reasons for your kind consideration.

Firstly, Although ITR Forms duly notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year but the final version of JSON Schema for ITR for the Assessment Year 2023-2024 have been enabled at the start or mid of June.

Secondly, TDS/TCS statements filing due dates are till 31st of May for the last quarter of the previous year, therefore Form 16 and Form 16A are available to tax filers only after that. Tax payers will not be able to file until and unless TDS is reflected in 26AS.

AICMAA appreciate that IT has evolved over the years in the new era of prefilled forms and Annual Information Statement (AIS) has made paradigm shift in the compliance process.

Probably AIS is itself sufficient for majority of taxpayers to file ITR, however, AIS is not impeccable and hence needed to be attentive & carefully consider all those figures being reflected thereon.

Last but not the least, monsoon season along with floods, disrupts the internet connection and adversely affect’s mobility as well. Frequent technical glitches in E-Portal with 6.5 crore tax filers is also a considerable factor.

Therefore, effective time available at the disposal of tax payers is not even 30 days and in this very short period to gather various information, obtains documents from third party and then do calculations, reconciliations etc. becomes rushing just like bulls in china shops and in the long run it may likely to adversely impact on the veracity & sanctity of the ITR in the general public minds.

Association is writing this after taking all these things in to account and necessary feedback from various stakeholders viz. tax filers and tax professionals, we would urge honourable ministry to consider our request for “Extending and Fixing ITR filing due-date for Non Audit cases from 31st July to 31st August permanently“.

For Official Representation Download PDF Given Below: