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After buying a second-hand car, this is how you transfer insurance policy
'These forms require complex disclosures, audits and reconciliations. The phased rollout of ITR utilities this year has disrupted workflows even in the most efficient tax practices,' said Sonu Jain, chief risk and compliance officer at 9Point Capital.
ITR-2 and 3 utilities were also released late in mid-July.
'Normally, filings for multiple clients are spread over 3-4 months. This delay has created a backlog, increasing the chances of last-minute rush, errors and delayed refunds. Taxpayers are also grappling with discrepancies between AIS data and their own records, making the process slower and more stressful,' said Deepesh Chheda, partner at Dhruva Advisors.
What taxpayers should do now
Experts stress that taxpayers should use this time wisely.
'Finalise your financial statements, reconcile data with Form 26AS and AIS, and prepare drafts of your returns based on last year's schema,' advised Kinjal Bhuta, CA and treasurer of the Bombay Chartered Accountants' Society. She warned that waiting for the utilities to go live could leave too little time for quality checks.
Deepak Kumar Jain, chief executive officer of TaxManager.in, recommended that taxpayers, required to undergo audits, complete them early and coordinate closely with tax professionals.
'Preparedness always pays dividends. Do not rely on the hope of an extension,' he cautioned.
Will the deadline be extended?
While the government had extended deadlines for non-audit cases earlier, no fresh announcements have been made for ITR-5, 6 or 7 filings.
'Future extensions cannot be predicted. For corporates and trusts, due dates are linked to other compliance deadlines under the Companies Act and GST, so any miscalculation can lead to a domino effect of non-compliance,' said Jain of 9Point Capital.
Penalties for missing the deadline
Failing to file on time can prove costly. Taxpayers with income above Rs 5 lakh may face a penalty of Rs 5,000 under Section 234F, while those below the threshold are charged Rs 1,000. Interest at 1 per cent per month applies on unpaid taxes.
'Belated filers also lose the ability to carry forward business or capital losses and may face delayed refunds,' Chheda noted.
Bhuta pointed out an additional risk. 'Multiple deadlines coinciding could overwhelm the Income Tax portal, adding to taxpayers' woes.'
Key takeaway
With little clarity on further extensions, taxpayers filing ITR-5, 6, or 7 should proactively prepare to avoid last-minute bottlenecks and penalties. Staying in contact with tax advisors will be critical in navigating the compressed timeline.
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