PARTNERS IN COS, FIRMS GET MORE TIME TO FILE RETURNS

NEW DELHI: Giving relief to companies and partnerships, the government on Tuesday extended the last date for filing returns and tax audit reports for the previous financial year by a week to November 7.

Central Board of Direct Taxes (CBDT), the apex direct tax policy making body, said in a late evening order that the extension was made after considering representations from various stakeholders. Extra time is now available for these assessees, whose accounts are to be audited. The original deadline of September 30 was once extended to October 31, which has now been extended by another week.

The decision comes in the wake of a last-minute rush for filing returns during the day, which slowed the tax filing portal of the income tax department. The CBDT statement said the extension was meant to facilitate ease of compliance by tax payers.

“This has come as a relief since the income tax website was not working since afternoon,” said Amit Maheshwari, partner, Ashok Maheshwary and Associates Llp. Not filing returns by the deadline will disallow any carry-forward of business losses or capital losses, the tax department had said in an earlier Twitter post, urging tax payers to meet the deadline.

BUSINESSES CAN NOW FILE RETURNS AND TAX AUDIT REPORTS FOR THE PREVIOUS FINANCIAL YEAR BY A WEEK TO NOVEMBER 7