September 30 deadline for taxpayers subject to audit

Lokmat News Network

Chhatrapati Sambhajinagar: The Tax Practitioners Association (TPA) has alerted the taxpayers who are under audit by the Income Tax Department to file their tax audit reports until September 30.

Earlier, the deadline for filing tax returns was September 15 and only four days are left for the new deadline to end. Hence it is causing a huge load.

According to tax advisors, at least 70 percent of taxpayers are yet to file their audits with the department. When returns are filed early, the load on the system is reduced. On the other hand, the department seems to be trying to send a message to audit taxpayers that they should not delay by giving them another 15 days.

The press release issued by TPA (Chhatrapati Sambhajinagar) president Shaikh Irfan stated that detecting noncompliance, data mismatches, and tax evasion is done more efficiently if taxpayer information is obtained early. Hence it is expected that sufficient time will be given. At least 70 percent of taxpayers still have tax audits pending. That is why there is no need for unnecessary haste and confusion between taxpayers and tax advisors, clarity and stability are needed.

Without stability, foresight, and technical competence in the tax system, it seems that this headache will take a long time to go away, the release added.