Deadline for filing I-T returns, audit reports extended to Oct 15

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing of income tax returns and tax audit reports till October 15.

The extension will apply to those category of assessees who were required to file returns and tax audit reports for the assessment year 2018-19 by September 30.

Although extension has been given, an assessee will remain liable for payment of interest as per Section 234A (explanation 1) of Income Tax Act, an official release said.

Anupam Jain, Executive Director, Nangia & Co LLP, said interest of 1 per cent per month of the tax payable will still be payable by the assessee under Section 234A in case the return is filed after September 30. Naveen Wadhwa, DGM Taxmann. Com, said: “Since implementation of GST, this is the first year of filing of income-tax return and tax audit report. It is indispensable for an entity to reconcile the figures, of turnover, input tax credit and output tax liability, appearing in the books of account with the figures reported in GST Returns. Any mismatch in the figures would result in wrong reporting in Income-tax return and tax audit report”.

By extending the due date the Income Tax Department has given a big relief to the chartered accountants and business entities, he said. It would provide an additional time to the auditors and entities to reconcile the records and report the correct figures to the government. Though the date has been extended, entities will prefer to file the return by September 30 because the government has not given any immunity from levy of interest under Section 234A, Wadhwa said.

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