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January 12, 2021

Rs 30,000 Cr of Late Fees Income Tax Dep shall Collect by not extending due dates of ITR

by facelesscompliance in Income Tax

Rs 30,000 Cr of Late Fees Income Tax Dep shall Collect by not extending due dates of ITR

Despite 1000’s of Representation from all over India, Income Tax Department has yesterday issued Order for Not Extending Due Dates of Tax Audits and Income Tax Returns

The Chartered Accountant Association of Surat has estimated number of Income Tax Returns which are due to file and amount of Late Fees Government can expect

The First Table Shows growth in number of returns filed in last few years

Estimated Late fees via Penalty shall be collected by Income Tax Department

From the above table it is estimated that by not extending due dates Income Tax Department shall able to collect Rs 30,000 Cr Late fees

Also in a Tweet CA Association of Surat Further said to Income Tax Department ” Your #TaxFatwa has some ridiculous comparison with other countries of different set of laws, cultures & infrastructure. Equality should be amongst equals as per Art 14 of the Constitution. Compare tax profs with Govt Officials”

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