The Central Board of Direct Taxes (CBDT) has extended the deadline to file an income tax return and tax audit reports by a month. The extension has come in after the relentless demands from tax consultants as well as Chartered Accountants. So, the new deadline for those required to be audited has been made on October 31, 2019, from the earlier September 30, 2019.
The extension will also provide a breather to small entities who were struggling with the issues faced during GST filings.
CBDT in a tweet last night said, "On consideration of representations recd from across the country, CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep 2019 to 31st of Oct, 2019 in respect of persons whose accounts are required to be audited. Formal notification will follow".
CAs believe that the extension was needed as the department now and then was making changes to the software required to file the return. Also, there has been a change effected in the case of ITR 6 software.
Notably, with the leeway provided for filing of tax return, there shall be no loss of revenue to the exchequer as it is an only an administrative exercise to inform the dept. of the tax payable liability of the concerned.