Due Date for Filing Income tax Return for corporate assessees and
those who come under compulsory audit under income tax Act or under any
other Act is 30th September 2012. Question which comes to every CA
professionals mind is whether due for filing income tax return for this
year will get extended or not? Now the question is why the government
should extend the date? We have found 5 Such reasons why we fell
government should extend the due for filing of Income tax Return.
1.
First Time implementation of Revised schedule VI – People may argue that
what difference it will make if format is changed , but the fact is
that implementation of revised schedule has taken lot of additional
effort and time of professionals.
2. Late Release of ITR :- This Year
ITR been released as late as on 06.08.2012 while ITR 5 been released
on 10.07.2012 & ITR 4 t0o was released in last week of June 2012.
3.
Disturbance of general life caused due to failure of power in most Part
of the Country - There was a complete power failure in India in last
week of July which has effected About 22 states and Union Territories.
4.
Mandatory e-Filing with Digital Signature for Individual & HUF to
whom Audit provision u/s 44AB is applicable – CBDT has vide Notification
No.14/2012 [F.No.142/31/2011-TPL]/S.O. 626(E), DATED 28-3-2012 made
filing of Return with digital signature Mandatory for Individuals &
HUF who are required to get there account audited from Assessment Year
2012-13 onwards.
5. Festivals :- Most of the establishments are
virtually closed on account of ongoing Ganpati festivals in Maharashtra
and other parts of India.