New Delhi: Businesses have got more time to file their income tax returns (ITRs) and audit reports with the Central Board of Direct Taxes (CBDT), extending the 30 September deadline to 15 October. The due date has been extended as per representations from various stakeholders, said CBDT.
For companies and partnerships, the extension of deadline is a relief as it gives them enough time to reconcile the sales figures and indirect tax liability reported in the goods and service tax (GST) returns with their financial statements, experts said. This is the first instance of businesses filing their income tax returns (for FY18) after GST was rolled out in July 2017.
However, the 15-day extension for ITR filing does not apply to payment of any outstanding taxes. “It is pertinent to note that deadline to pay taxes remain 30 September and any delay in payment of taxes post 30 September will attract interest,” said Samir Kanabar, tax partner at EY India.
Naveen Wadhwa, deputy general manager at Taxmann.com, a publisher of law books, said 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 the audit report. By extending the due date, the tax department has given a big relief to chartered accountants and business entities,” said Wadhwa.
For 2018-19, the government has set a direct tax collection target of ₹ 11.5 trillion, a jump of 14.6% over the ₹ 10 trillion collected last fiscal.
No comments:
Post a Comment