Rinav Ashok Khakhar
Quick Summary
Every tax season brings with it a sense of urgency. Balance sheets are finalized, returns are verified, and professionals work long hours to ensure that their clients meet deadlines without error. Yet, behind the scenes, the landscape is not always as smooth as it appears. Technical hiccups, procedu
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FAQ :
The MCTC has requested an extension due to several practical challenges faced by tax professionals and taxpayers, including delayed utility releases, technical glitches, data discrepancies, new reporting formats, and the festive season.
The main challenges include the delayed release of ITR utilities, technical errors on the Income Tax portal, mismatches in AIS/TIS data, adapting to the new ICAI financial statement format, and the impact of the festive season on working days.
ITR-5 was released as late as 8th August, and ITR-6 and ITR-7 are still awaited. Earlier released forms like ITR-2 and ITR-3 also underwent updates at the end of July.
MCTC has proposed revised deadlines, including 30th October for non-audit ITRs, 30th November for Audit Reports (Form 3CD), 31st December for Audit Reports (u/s 92E) and ITRs (Audit Cases), 31st January for ITRs (u/s 92E), and 28th February for Belated Returns.
MCTC views an extension not as a delay but as a relief that allows for accurate and confident filing, reduces litigation, and strengthens trust between taxpayers and the administration.
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