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Deadline To File ITR Needs Extension: 4 Reasons Govt Should Consider

NEWS WORLD INDIA | 0
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| July 29 , 2017 , 12:31 IST

July 31 is the deadline to file income tax returns (ITR) this year and as it is fast approaching, there is a need to extend the deadline. Many people are yet to file their income tax returns due to various reasons. Thankfully there is no fee for late filing for this year but an individual can definitely lose certain benefits if he/she files their ITR’s after the deadline.

The 4 reasons people are demanding for such a move are as follows:

1. Deadline issuing TDS certificates by banks and other deductors extended this year

According to the revised rules, the deadline for filing TDS returns by these entities was extended by 15 days from May 15 earlier to May 31.

In fact, several banks actually took advantage of this and issued TDS certificates on or just before June 15, 2017. Consequently, customers got their TDS certificates this year later than in previous years. It is advisable to check the TDS in these certificates before filing one's return, the tax payers waiting to get these certificates would have found it difficult to finalise their returns till after June 15.

2. Extension of deadline for issuing TDS certificate /Form 16 to employees

The finance ministry in its notification dated June 2nd, 2017 revised the deadline for issuing TDS certificates to employees. It impacts a larger number of people comprising of all salaried employees. Salaried employees not having income from other sources would also not have been able to file their returns without getting this Form 16 from their employer.

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3. Quoting Aadhaar/Enrolment ID made mandatory

Since July 1, 2017, it has become mandatory to link your PAN with Aadhaar and quote the Aadhaar number while filing ITR.

Some people are facing genuine issues in linking of PAN with Aadhaar as there is a mismatch in the details (DOB’s and address).

4. GST has got Chartered Accountants busy 

With the onset of GST, CA’s are very busy helping their business clients. Consequently, they may not have been able to spare much time to advise individuals on direct tax filing and returns.

Considering all these, it is evident that the deadline to file ITR does need an extension.