umesh
(accountant)
(151 Points)
Replied 27 October 2017
SHANTANU PARANJAPE
(PROPRIETOR)
(22 Points)
Replied 27 October 2017
Yes, it shold be extended by 30/11/2017 to make good balance between GST work and IT work
Pratik
(Accountant)
(42 Points)
Replied 27 October 2017
Manoj Sharma
(partner)
(22 Points)
Replied 27 October 2017
Yes, It must be for fair treatment with professionals
Rajagopalan Cee Vee
(2 Points)
Replied 27 October 2017
There is no second opinion on this . The dates must be extended in a big way. The only group severely affected - by the IT related dates - is the Audit Fraternity. There is not a single business man in India who can file his Tax Returns on 1st of April for the previous FY. The IT calculation are pushed to the last date invariably & the Auditors certainly & obviously are deprived of a major junk of time due to this. In fact a major restructuring in the IT return filing is essential.
To add fuel to the fire, there is limit for the number of Audits for the auditor & a cap on the fee that can be charged. The way clients maintaining the books of a/c is numerous - text, excel, word - etc and the Audiotor has already double trouble.
Once we conducted a brain-storming session on this issue with a group & the following option was considered the best.
We narrate the best way to circumvent IT Return related issues:
Basic error was identified as the period for ITR. The exising one year period is the real obstacle considering the quantum of ITR and the demand on Auditing help. This has to be modied to 2 years. That means, commencing from 2018 all even numbered years 2020,2022 etc will be "IT Return Due" years. Consequently the Number of Audits and the Fee will be doubled for the Auditor ( for 2 years), the basic exemption limit can be doubled ( 2.5 to Rs 5 Lakhs.),. for 2 years and so on.
The present procedure of monthly TDS for Govet & other employess can continue as it is. Quarterly self assesment Tax will also be not altered. Govt will get the Tax Collection as usual. We are sure that one fine bright Sunny Sunday morning this system will come into force.
We talk so much about digital progress. But in reality, even with the availability of the fastest computers - the Indian Tax payers base is constantly on the increase. So we earnesly hope that the IT Return period is made as 2 years givinga sigh of relif to the Tax Payers, Auditors & the Government.
vinod
(Accountant)
(26 Points)
Replied 27 October 2017
Yes it should be extended, as we are not having time because of GST Returns.
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