Several associations of chartered accountants and industry bodies have urged the finance ministry to extend the due date March 15th federal deadline for filing of income tax returns (ITR) of partnerships, S corporations and limited liability companies (LLCs). The CA associations have cited Russia Ukraine crisis for the extension.
Several tax consultants are in favour of this move. Consultants said for the financial year 2019-2020 (AY 2020-21), the tax authorities, considering the pandemic, gave an extension till May 31, 2021. However, in case of financial year 2020-2021 (AY 2021-22), in addition to the pandemic, taxpayers also faced challenges due to Russia Ukraine conflict.
The associations and consultants said we were expecting world war 3, but it doesn’t seem to be happening now when we have all the ITR filing pending. We are still hopeful that Russia will go aggressive and world war 3 will happen but just in case it doesn’t happen we want the dates to be extended.
“Those who didn’t expect the world war 3 were busy praying for the world peace and hence, couldn’t file the ITRs” told one of the associations leader to The Fauxy.
