#ZBizIMPACT - Govt listens to appeal, extends ITR filing deadline, but is it enough? Anil Singhvi says give further extension

The status of Income Tax Returns (ITR) filing is clear now as the Central Government on Wednesday extended the date for filing returns. Zee Business has been making appeals to government to extend the deadline and the Government has finally heard its appeal. What doe this mean for various stakeholders? Read on. 

Zee Business Managing Editor Anil Singhvi said that the Government should be congratulated for being mindful of the problems at hand in ITR filing. He said that there was no doubt that the Chartered Accountants and the companies were finding it difficult to complete their work. He said that auditing process brings a lot of responsibility. He said that a mistake is detrimental for reputation of the individual and that of a company . It even tarnishes all the right things done by that person or company.  

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The pandemic has had a significant impact on the day-to-day operations of companies with problems being faced by the staff at multiple levels. There is a limitation in work from home. So, there are practical problems, he said. 

The demand from the CA fraternity was quite genuine, which the government and the Income Tax Department listened to, Singhvi said. However, the Market Guru said that even this extension was not enough. Significantly, Singhvi added that he expected some more time related relaxations. 

A 10-day extension for ITR filing for salaried class will not have an impact in a big way, he further said. 

He said that the problems have not reduced much as night curfews are being imposed. He said that there should be a one-time extension, may be till the end of February-March period. This will augur well for everybody, the Managing Editor opined.  

He said that the extension period should be a bit longer for quality auditing and other works. 

He further suggested that if the government needed tax then it should make a system where people can pay some round figure in self-assessment. The return filing date should be relaxed. Even the tax-payers should understand that if they have paid higher taxes, the returns will come after ITR filing process has been completed.  

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सरकार ने सुनी ज़ी बिज़नेस की अपील...

आगे बढ़ी ITR दाखिल करने की तारीख...

अनिल सिंघवी- सरकार ने मांग सुनी लेकिन और समय मिले#ITR #IncomeTaxReturns @AnilSinghvi_ @nsitharaman @FinMinIndia @nsitharamanoffc @IncomeTaxIndia @cbic_india @ianuragthakur @PMOIndia @Anurag_Office pic.twitter.com/VDuzdZoTOz

— Zee Business (@ZeeBusiness) December 31, 2020

This will also ensure that there is no delay in compliance on the part of the tax-payers, Singhvi further said. 

He also warned the CAs to consider this as last opportunity to complete their work.