About 42% biz struggling to file tax returns; 26% seek an extension to Sept 30 deadline: LocalCircles Survey

Categories: News

With the September 30 deadline approaching for filing tax returns and audits, about 42% of businesses are finding it difficult to comply within the stipulated time frame while 26% of them say it will be “impossible” to adhere and are seeking an extension in the due dates by 30-45 days, a survey by research firm LocalCircles showed on Monday.

About 16% of businesses stated “it will be a significant effort doing it by September 30” and 26% admitted it would be “impossible to file” by the deadline and that they need an extension by 30-45 days. About 49% of businesses shared that they had already filed the tax return and audit report, while 9% are yet to file but are confident they “will comfortably do before the deadline.

The extension

The extension was sought by 26% of businesses on two grounds many of them, especially those in the consumer goods and retail sector were getting ready for the festive season and then there were businesses who reported the flooding situation in their district/state and hence have just not been able to get ready for the festive season and would rather do the same in the next few weeks.

Businesses are hopeful the government will consider their request and extend the deadline to October 31 or November 15, especially given the buoyancy in tax collections, the survey pointed out.

The government’s FY23 direct tax collection is likely to exceed the Budgeted target of Rs 14.20 lakh crore. Also, the government’s goods and services tax collections have stayed above Rs 1.4 lakh crore for the sixth month in a row.

The survey was based on 5788 responses. 48% of respondents were from tier 1, 31% from tier 2 and 21% of respondents were from tier 3, 4 and rural districts.

Source from: https://cfo.economictimes.indiatimes.com/amp/news/about-42-biz-struggling-to-file-tax-returns-26-seek-an-extension-to-sept-30-deadline-localcircles-survey/94464005

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