The taxpayers in the city are a harried lot these days due to the recent amendments in tax norms. After making some uncalled for changes in the audit report filing forms at the 11th hour and drawing huge criticism from both taxpayers and tax professionals, the Central Board of Direct Taxes (CBDT) may have extended the date for the same but not to lessen the worries of the taxpayers as the date of the income tax return filing is not extended correspondingly.
The burden of paying additional interest on outstanding taxes and taxpayers’ inability to revise return of income is what bothering them and tax professionals in the wake of extension of audit report filing date but not the income tax return date.
CBDT was expected to come up with the extension on the same but nothing concrete has been done so far, which has increased the worries of the taxpayers.
Rajeev Sharma, convener, District Taxation Bar Association (DTBA), said: “The recent moves by CBDT undoubtedly help in bringing down and keeping a tab on the tax evasion and frauds pertaining to taxes but simultaneously they come with some fundamental flaws which will result in a lot of inconvenience to the taxpayers at large.”
Sharma said with the new procedures in place, the taxpayers, apart from paying the additional interest on outstanding taxes, would not be able to get some of the refunds that he or she got under Section 10A (IT).”
And no losses would be allowed to be carried forward under the provisions of Section 80 of the Income tax Act, 1961.
Vashist Verma, one of the taxpayers, said: “The recent procedural changes have certainly created a lot of confusion. Now, the CBDT should clarify their stand on it and suggest a possible alternative to deal with the current situation.”
The deduction of the statutory expenses will be another concern that taxpayers have to bear with as to claim the return of the same shall be filed before the final date of filing returns.