Extension of Income Tax Filing Due date for AY 2022-23 till ….

 Extension of Income Tax Filing Due date for AY 2022-23 till 31st August 2022

All Gujarat Federation of Tax Consultants and Income Tax Bar Association requested the Hon’ble Union Minister of Finance Smt. Nirmala Sitharaman, the Revenue Secretary of the Ministry of Finance and the Chairman of the Central Board of Direct Taxes extend the due date for filing Income Tax Return (Non-Audit and Salaried) for AY 2022-23 under section 139(1) of IT Act, 1961 for Non-Audit category of assesses from 31 July 2022 to 31 August 2022.

All Gujarat Federation of Tax Consultants and Income Tax Bar Association has given Representation in Respect pf Extension of Due Date for Filing Income Tax Returns (For Non-audit Cases). As per the Representation, the Due date for Filig ITR for F.Y 2021-22 should be extended due to the following reasons.

Substantial Increase in the Assessee base

Automated Processing & Reliance upon Auto Populated Data

Detailed Reporting on Income Tax Portal

Technological Hurdles with new Income Tax Portal

Reported Issues with IP Address

Utilities & Schema not released on time

Over the years, the reporting requirements and compliances under the Income Tax Act have increased substantially and the dependence on the data populated through third-party compliances like TDS / TCS and multiple types of SFT is increasing. With the increase in the limit of turnover for audit u/s 44AB up to Rs. 10 Cr., the number of assessees, who are required to file the return of Income Tax by 31st July has increased than before.

It must be noted that this is not related to only small and medium businesses that are not able to update details related to TDS/TCS and SFT in time. There are many large and listed corporates, NBFCs, and even Banks who file data late, which makes it really difficult for taxpayers to determine actual tax liability and tax credits.