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Request to honourable FM: EXTEND LAST DATE FOR FILING OF TAR and ITR BY SMALL AND MEDIUM ASSESSEES- say other than listed companies.

DEVKUMAR KOTHARI
Request for Extension of Tax Audit and Income Tax Return Deadlines for Small and Medium Taxpayers Amid COVID-19 Challenges. The request to the Finance Minister seeks an extension for the filing deadline of Tax Audit Reports (TAR) and Income Tax Returns (ITR) for small and medium-sized taxpayers, excluding listed companies. The COVID-19 pandemic has caused significant disruptions, including lockdowns, limited office operations, and reduced workforce efficiency, making compliance challenging for smaller entities. Unlike large organizations with ample resources, smaller businesses and self-employed individuals face difficulties in meeting deadlines due to limited human resources and the need to prioritize client work. The request emphasizes that extending the deadline would accommodate the unique challenges faced by these smaller entities. (AI Summary)

Request to honourable FM:

EXTEND LAST DATE FOR FILING OF TAR and ITR BY SMALL AND MEDIUM ASSESSEES- say other than listed companies.

Difficulties faced by all:

Due to COVID 19 we have faced many severe problem by lock downs, partial opening, restricted and extremely care full working. Many offices are working for few days and by rotation of staff and officers. Therefore, productivity and efficiency is considerably reduced.

Difficulties in transportation of people.

Extra care due to COVID risks.

More absence of staff due to sickness, doubt about COVID19, more time required for personal and family health care etc.

Difficulties in getting relevant documents.                 

Large organisations have resources:

Large organisations have set up and extra resources so they have lesser impact and difficulties in compliance. We find that large number of large   listed companies have attempted and complied with requirements of listing etc.

Listed companies have to make large compliances and they have team for the same. They will not find it difficult to file TAR and ITR.

Whereas unlisted companies, and even listed companies which are small in size find difficult to make compliances on time.

Therefore, small organisations like proprietary concerns, firms, individuals, HUF etc. who are not controlling big companies have more restrictions and limitations of human resources.

Self-employed people and professionals have to work for clients in priority and therefor own work get delayed.

Therefore, considering ground realities, honourable FM is requested to extend last date for filing of Tax Audit Report (TAR) and ITR by small and medium assesses like:

Individuals,

Firms

HUF

AOP and BOI

Unlisted companies. 

Income Tax
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