New Delhi In view of the current epidemic, direct tax professionals have demanded extension of deadline for tax audit report, deadline for income tax return in audit cases and annual general meeting. The ‘Direct Taxes Professionals Association’ (DTPA) has extended the date of submission of tax audit report under Section 44AB of the Income Tax Act to Finance Minister Nirmala Sitharaman on 28 February and 31 date for filing of income tax returns for the assessment year 2020-21 in audit cases. March, 2020.
In a written request submitted to the government, DTPA President NK Goyal said that due to the corona virus epidemic, functioning has not become normal till now. His staff, including many professionals, were also infected with the corona virus. In such a situation, the deadline for filling the tax audit report and ITR needs to be extended. Narayan Jain, chairman (PR and representation committee) of the organization said that 3.75 crore taxpayers have already filed income tax returns out of a total of 5.25 crore taxpayers. This includes individual taxpayers.
The rest are mostly companies where a tax audit is needed. And there is a demand to increase its methods. The deadline for filing personal income tax returns is December 31. The association of professionals has also sought to extend the deadline for announcing the dispute under the trust scheme from 31 December 2020 to 28 February 2021. Post Office: This is the special post office scheme that saves income tax, know interest
The government introduced the VSV scheme to settle tax dispute cases of taxpayers during the epidemic period. Mamta Binani, former president of the Institute of Company Secretaries of India, said, since many corporates are yet to complete their accounts and due to Corona epidemic, the deadline for holding AGMs needs to be extended to 31 March. The difference between the two AGMs may be allowed up to 21 months. “
