Gujarat Excessive Court docket refuses to increase I-T returns submitting date
The Gujarat Excessive Court docket has rejected a plea looking for additional extension of the due date for the submitting of revenue tax (I-T) returns by companies and professionals coated beneath Part 44AB of the I-T Act from February 15 to March 31.
“Now we have concluded that we should always not intrude within the matter,” the Court docket mentioned listening to a particular civil software by the All-Gujarat Federation of Tax Consultants. “Within the outcome, bot the writ purposes fail and are hereby rejected. At this stage, we might solely observe that the CBDT might think about issuing an acceptable round taking a lenient view as regards the results of late submitting of the Tax Audit Studies as offered beneath Part 271B of the Act. We depart it to the higher discretion of the CBDT on this regard.”
An assessee must be audited beneath Part 44AB if his/her annual gross turnover/receipts in enterprise exceed Rs 1 crore whereas it’s Rs 50 lakh in case of pros. In case of failure to get accounts audited, the Earnings Tax Act part 271B prescribes that the Assessing Officer might direct that such particular person shall pay, by the use of penalty, a sum equal to 1 half per cent of the whole gross sales, turnover or gross receipts, because the case could also be, in enterprise, or of the gross receipts within the career, in such earlier 12 months or years or a sum of 100 fifty thousand rupees, whichever is much less.
As a result of Covid-19 pandemic, the due dates for submitting of return/tax audit have already been prolonged on three events. The most recent extension is from January 31 to February 15 for assesses whose accounts have to be audited beneath Part 44AB.
“Any additional extension would adversely have an effect on the return submitting self-discipline and shall additionally trigger injustice to those that have taken pains to file the return earlier than the due date. It could additionally postpone the gathering of income thereby hampering the efforts of the Authorities to offer aid to the poor throughout these Covid instances,” the CBDT submitted to the Court docket.
The principal argument of the writ candidates was that delay in releasing the utilities for submitting the Tax Audit Studies and Earnings Tax Returns has decreased time obtainable for tax consultants to file returns for purchasers and put stress on their manpower.
The CBDT submitted that the adjustments led to within the ITR by the use of an replace don’t quantity to including or extending the fields. It is just rising or making adjustments within the character of the prevailing fields to allow sure minuscule taxpayers to report accurately which they may not have been capable of in any other case.
The Earnings-tax division additionally submitted that the variety of returns filed this 12 months has already exceeded by about 6% to five.95 crore as on January 10, 2021, in contrast with 5.62 crore as on August 31, 2019 (final date of return submitting).
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