Not filed your ITR yet? Govt may consider extending tax return deadline

Mumbai: As the deadline for filing income tax returns for the financial year 2016-17, July 31, draws nearer, media reports suggest that the government may be considering extending the deadline.

According to a report in the Economic Times, a senior official in the finance ministry said that if the deadline is extended, the government is likely to make the announcement at the eleventh hour. He said that this is because the government would not want taxpayers to get laidback because of the extension.

"Taxpayers this year have been facing many new difficulties, so prima facie there is a genuine case to extend the deadline," said this government official. 

This year the government mandated the linking of PAN and Aadhaar for filing of ITRs. Moreover, the finance ministry extended the deadline for banks to issue Form 16A to taxpayers to June 15, which led to taxpayers receiving the form much later form their employers. Moreover, there has been a dearth of tax advisors and chartered accountants due to the GST rollout as they have been busy helping business clients migrate to the new regime.

All these reasons collectively contribute to the need for extension of the deadline for filing income tax returns this year.