Five Reason For Filing ITR Returns Due Dates Postponement
The due date for filing ITRs - 31st July 2019 is in the wings. Every taxpayer needs to file ITR for the assessment year 2019-20 before the deadline of July 31, 2019. With the recent alterations in forms and notifications by the government, the time needed for filing ITRs has been increased. It germinates a need to extend this deadline further to ensure accuracy and ease. Here we are listing the top five reasons for the government to extend the due date for ITR filing:
1.Postponement in Dates for the Issuance of Form 16
The due dates for the issuance of Form 16 by the employer to the employees had been extended by the Central Board of Direct Taxes (CBDT) from June 15 to July 10, on 4th June 2019. However many employees have still not received Form 16 from their employer. More delay in receiving Form 16 implies more time needed for filing ITR. As the due date for filing ITR is around the corner and Form 16 has not been received by many salaried taxpayers, the due dates for filing ITR should be extended.
2. Verification of Pre-furnished Data
On receiving the Form 16 by the employer, the taxpayer will have to make sure that the form has generated from the TRACES - an official software of the I-T dept. , followed by the reconcilement of Form 16 and Form 26AS. At the same time, the I-T department has forewarned the pre-filing of ITR so that the taxpayer will not face any troubles later. Verification of the pre-filled data is very important but it is a time-taking process. So, the due dates for filing ITRs should be extended.
3. Alteration in Part- B of Form 16
Form 16 consists of two parts- Part A and Part B. Part A have a standard format for all employers whereas Part B does not have any standard format. The Government has notified some changes in Part B of Form No. 16. As per the new format, an employer needs to confirm the accurate TDS certificate in Part B of Form No. 16, wherein they will need to report the detailed and categorized information about salary including the deductions claimed, exempted allowances and deductions allowed to the employees.
4. Postponement in Dates for the Issuance of Form 24Q
The due dates for the issuance of Form 24Q for the F.Y. 2018-19 were extended by the CBDT from May 31, 2019, to June 30, 2019. The Form 24Q is a quarterly statement filed by the employer to reflect the tax deduction wrt salary for the four quarters of the fiscal year. The new notification seeks the reporting of accurate data in Annexure II of Form 24Q.
5. Long Term Capital Gain (LTCG )
The relaunch of the long term capital gain (LTCG ) tax in the FY 2018-19 has complicated the furnishment of figures in the software for the assesses who is filing the ITR. So, they should be given enough time to make sure they furnish LTCG correctly. Although there are many reasons for the extension of due dates for ITR filing, it may remain the same if everything fares forward with time. So, it's better to be on board with filed ITR to avert the 11th-hour struggle and bewilderment.