Tax filing deadline extension for small businesses
Upon the request of some citizens and many small businesses and chartered accountants, LocalCircles conducted a citizen survey and a small business survey to see where people stand in regards to filing their taxes. Below is the survey report which has been covered by many papers and channels today.
LocalCircles Survey on Income Tax Deadline Extension
While it seems majority of the individual tax payers are able to meet the deadline, 40% small businesses find it almost impossible to do so. We are escalating the same with the Finance Ministry leadership today for their due consideration. If you have any inputs, do share. more
LocalCircles Survey on Income Tax Deadline Extension
While it seems majority of the individual tax payers are able to meet the deadline, 40% small businesses find it almost impossible to do so. We are escalating the same with the Finance Ministry leadership today for their due consideration. If you have any inputs, do share. more
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The situation was not normal for almost 10 months. Most small businesses are just about returning to a limited normalcy. People are in arrears on several matters. Life is not normal and extra efforts are needed to catch-up with pending matters of the past. This is true of most small businesses. Only large-scale companies, essential businesses and salaried individuals are better-off. As a practising CA, I am working long and extra hours a day for the last two months with various pieces of data still trickling in from various sources. Some businesses have even ceased to respond. At my end, I do not have adequate assistance on hand either as people have not returned and the remaining ones are not able to take the extra pressure. There are many other changes going on in the GST and MCA deadlines also pegged at 31st December 2020. I do not think there is any way we can satisfactorily and realistically close everything in three days. It will be a severe punishment if the government does not extend the due dates by at least a couple of months. May better sense prevail. Only the wearer knows where the shoe pinches (last comment meant for those people who think extension is unnecessary. For them, ignorance is bliss.) more
Dec 29
The major reason for most who were not able to file the return for many is e-filing site was non-functional. CAs were struggling to file more than 7-8 returns inspite of sitting through the day in front of their systems. more
Dec 29
It's not so much the website (This is a standard pain anyway whether its GST, MCA or IT. Everything is non-standard and things keep changing on the fly). The ground-work by many businesses is not complete and there are several other coinciding deadlines for audit, GST and MCA. Wish bureaucrats and our FM did one client processing themselves to see what kind of an over-burdening of compliance requirements and repetitive information-seeking monsters they have created and allow them to grow. Is this ease of doing business that is so-much touted about? Ease up for your citizens first, the outsiders can afford to wait. We don't want to do compromises and shoddy work. more
Dec 29
CA is not able to file return for small traders due to high workload,some extension is required for delay. more
Dec 29
Why have the not been able to file the returns even after so many extensions? What is the guarantee that the will file on the extended date? Looks like it is just a ploy to avoid paying tax. The govt should ask tell them to at least file the returns, even if the are not able to pay. This way there will be a track of what is due. more
Dec 29
