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Mint
a day ago
- Business
- Mint
Income Tax Filing: Slow website, complex ITR forms trouble taxpayers; experts bat for deadline extension
Income Tax: A number of tax experts and taxpayers are reportedly facing problems with filing their income tax returns (ITR) for FY 2024-25. Some of them Livemint spoke to claimed that two crucial documents, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary), could not be downloaded on Tuesday, while the I-T filing portal was functioning at a snail's pace on Wednesday. 'Yesterday, we were unable to download AIS and TIS, which are important to cross-verify data. So, we could not file any return. Today also, the tax filing portal is very slow,' says Chirag Chauhan, a Mumbai-based chartered accountant who runs CA Chauhan & Co. He further points out that income tax forms this year are taking longer than usual to complete because of additional information required. 'It is taking double the time from the taxpayer's side to fetch necessary details, especially to be able to claim deductions. For instance, to claim HRA, taxpayers now need to provide all necessary details such as PAN, property address, and place of property. These details were earlier meant to be provided to the employer, but now the ITR form also requires these inputs. Additionally, to claim a deduction against insurance, one needs to write the policy number as well,' adds Chauhan. Notably, the last date to file income tax return (ITR) for FY 2024-25 is September 15. Although there is over a month left to file the ITR, some believe that it is not adequate in view of the circumstances. While ITR-5 (Excel) was released on August 9, the CBDT is yet to release online utilities of ITR-6 and ITR-7. 'The ITR-5 was released only last week, whereas ITR-7– form meant for trusts -- has yet not been released. So, the time left to file the income tax return is very less as compared to last year. Additionally, the time that we, as CAs, are using to file ITRs should have been used to prepare companies' audit reports. The deadline to submit audit reports still stands at Sept 30, which needs to be pushed further,' says Pratibha Goyal, partner, PD Gupta & Company, a Delhi-based CA firm. CA Sagar Joshi, a social media user, wrote on X (Formerly Twitter) that the income tax portal is not allowing digital signature certificates (DSC) and users are facing errors regarding that. Meanwhile, another user under the same post urged the tax department to extend the due date further. 'You opened the ITR 3 in late. we dont have proper 90 days to file. Kindly extend the due date (sic),' Ramaiah Krishnasamy wrote on Tuesday on X. For all personal finance updates, visit here
Time of India
a day ago
- Business
- Time of India
ITR filing deadline needs to be extended due to discrepancies in Form 26AS, AIS, system error while ITR uploading, and other issues, says GCCI
Academy Empower your mind, elevate your skills The Gujarat Chamber Commerce & Industry (GCCI) Why should the ITR filing deadline be extended? Delay in Release of ITR Utilities and Other Forms Serial no. ITR form Date of release of latest ITR utility 1. ITR-1 July 30, 2025 2. ITR-2 July 30, 2025 3. ITR-3 July 30, 2025 4. ITR-4 July 30, 2025 5. ITR-5 August 8, 2025 6. ITR-6 Yet to be released 7. ITR-7 Yet to be released 8. Form 3CA-3CD July 29, 2025 9. Form 3CB-3CD July 29, 2025 Technical Issues on the Income Tax Portal System errors while uploading ITRs and Audit Reports: 'Users are encountering system errors or failures while uploading Income Tax Returns (ITRs), Form 3CD (Tax Audit Reports) and other statutory forms. These issues often arise without any clear indication of the root cause, leading to repeated attempts to complete the submission process.' 'Users are encountering system errors or failures while uploading Income Tax Returns (ITRs), Form 3CD (Tax Audit Reports) and other statutory forms. These issues often arise without any clear indication of the root cause, leading to repeated attempts to complete the submission process.' Discrepancies in Form 26AS, AIS, and TIS: 'There continue to be discrepancies and delayed updates in Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS), which are crucial for accurate return filing. The reconciliation between these forms and books of accounts is proving to be extremely time-consuming. Instances have been observed where the AIS and TIS data for the same PAN differ when downloaded at the same time. Multiple cases have been reported where AIS and TIS data have been unavailable for download despite repeated attempts.' 'There continue to be discrepancies and delayed updates in Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS), which are crucial for accurate return filing. The reconciliation between these forms and books of accounts is proving to be extremely time-consuming. Instances have been observed where the AIS and TIS data for the same PAN differ when downloaded at the same time. Multiple cases have been reported where AIS and TIS data have been unavailable for download despite repeated attempts.' Performance Issues and Frequent Timeouts: 'During peak filing periods, especially closer to due dates, the portal experiences high traffic, leading to slow page loading, session timeouts and log-in failures. These performance issues hinder timely submission, despite completion of the preparatory work.' 'During peak filing periods, especially closer to due dates, the portal experiences high traffic, leading to slow page loading, session timeouts and log-in failures. These performance issues hinder timely submission, despite completion of the preparatory work.' Utility Compatibility Issues: 'At times, the filing utilities released are not compatible with updated system environments and therefore users face technical glitches or errors when trying to access the utilities. As a result, multiple fixes or updated versions of the utility are released after the initial launch. This delays the beginning of the filing process, as entities must wait until a stable and fully functional version is available.' Revised Format of Financial Statements for Non-Corporate Entities The Gujarat Chamber Commerce & Industry (GCCI) has sought an extension for the income tax return ITR ) deadline since the ITR filing utilities were made available quite late this GCCI has urged the Central Board of Direct Taxes (CBDT) to consider extending the income tax audit deadline which is currently set for September 30, 2025 for AY worth noting that while the central government did extend the ITR filing deadline from July 31, 2025 to September 15, 2025 for individuals not liable for income tax audit, the ITR forms were released late. This meant that the deadline extension didn't really provide much benefit, which is why GCCI made a its representation dated August 11, 2025, GCCI said: 'We are writing this letter to bring to your attention several practical difficulties being faced by taxpayers, Chartered Accountants and other stakeholders in timely filing of the Income Tax Returns and Tax Audit Reports for the FY 2024–25 (AY 2025-26). We humbly request your good self to consider the genuine challenges and grant appropriate extension of the due dates for filing of ITR and Tax Audit Report .'Source: GCCI representationAlso read: No income tax for son who sold late mother's flat for Rs 1.45 crore to buy seven houses; how a minor language error helped him According to GCCI representation, a copy of which was seen by ET Wealth Online, here's what GCCI said about the need for ITR filing deadline extension:Usually, the income tax utilities are made available in the month of April every year, however, for the FY 2024-25, the release of the utilities have been delayed on an average by three months. The release of utilities began only in July 2025, with several forms still pending as of the first week of August, timely filing of returns largely depends on the availability of functional and final versions of utilities for ITRs and Tax Audit Forms. However, there has been a delay in the release of ITR utilities on the Income Tax portal, causing an inevitable delay in commencing the compliance process. Delay in issuing the return filing utilities and frequent changes thereon hampers the return filing process since the software vendors also take time to incorporate the changes leaving very less time for taxpayers and professionals to file the a country like ours where there are internet connectivity issues in remote areas and even in large cities, late release of utility leaves very less time to the tax payers and their consultants to prepare and file accurate income tax returns.A summary of the dates on which these utilities were made available is as follows:Serial no. ITR form Date of release of latest ITR utilitySource: GCCIGCCI said: 'ITR 5 utility applicable to a broad category of assessees including firms, LLPs, AOPS, BOIs, estates, trusts, and artificial juridical persons, has been released only on 8th August 2025. Given that the due date for filing ITRs for non-audit cases stands at 15th September, 2025, the effective window available for preparation and filing is significantly curtailed. This compressed timeline imposes considerable constraints on tax professionals and return preparers, who are required to compile financial data, ensure accuracy of computations, and file returns within a limited period.'The taxpayers and professionals are encountering intermittent technical issues on the Income Tax e-filing portal that are significantly impacting compliance timelines and of the recurring and prominent issues include:'These technical glitches affect the overall quality and accuracy of filings. It is also making it extremely difficult for tax practitioners to manage multiple clients' compliance requirements within the existing timelines.'The Institute of Chartered Accountants of India (ICAI) has introduced a revised and standardized format for the preparation and presentation of financial statements by noncorporate entities, applicable from the financial year 2024-2025 onwards. This move aims to enhance the transparency, comparability, and reliability of financial reporting across a diverse range of entities, including sole proprietorships, partnerships, trusts, societies, and Hindu Undivided Families (HUFs).The new format provides a standardized vertical layout for the Balance Sheet and Profit and Loss Account, replacing the horizontal ("T-form") presentation. It mandates the presentation of comparative figures for all line items, including those in the notes, except for the first-year financial statements. It also requires comprehensive disclosures of significant accounting policies, related party transactions, contingent liabilities, and other relevant changes require additional time for preparation, review, and reconciliation, as entities need to adapt to the new structure, ensure proper classification of items and provide detailed disclosures. As a result, the overall timeline for the finalization and filing of financial statements may be extended, requiring entities to plan and execute their financial reporting processes more said: 'Considering the genuine hardships and technical constraints faced by taxpayers and professionals, we humbly request your good self to extend the due dates for ITR filing and Tax Audit Report submissions. Such an extension will ensure proper compliance, accuracy in reporting, and relief from the ongoing difficulties.'
Time of India
04-08-2025
- Business
- Time of India
Electrosteel expects growth with Bengal's new incentive policy
Kolkata: Electrosteel Castings, a water infrastructure and pipeline solutions provider, is optimistic that state govt's new incentive policy will be industry-friendly. The CM Mamata Banerjee-led govt earlier scrapped the previous policy, prompting some companies to move court. The Kolkata-based company is also confident that its recent acquisition of Italian valve-maker TIS Service Spa will boost both its revenue and profitability. Sunil Katial, whole-time director and CEO, said the company's proposed ductile iron project in Odisha, with an estimated investment of Rs 3,000 crore, has already been delayed for 8-9 months due to land issue. "We are hoping for a new incentive scheme in Bengal," he said. Electrosteel currently operates three units in Khardah, Bansberia and Haldia. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata On the Italian acquisition, Ashutosh Agarwal, whole-time director and CEO, said the Rs 150-crore deal was funded with internal accruals. TIS, which now earns 40 million Euros annually, has two manufacturing facilities in Italy and Turkey and logistics facilities in Italy and Poland. Agarwal projected a 13-15% turnover growth for TIS over the next few years. "We aim to deepen Electrosteel's presence in Europe, the Middle East, Southeast Asia and Latin America," he added.
Time of India
04-08-2025
- Business
- Time of India
India's digital tax revolution: Paving the way for an AI-driven future
India's digital tax journey, though groundbreaking, hasn't been without roadblocks. (AI image) By Rahul Patni, Partner and Digital Tax Leader, EY India Imagine a future where filing taxes is as effortless as a few clicks, powered by intelligent digital infrastructure — India is fast making this a reality. The recent Central Board of Direct Taxes (CBDT) notification extending the income tax filing deadline is not merely about extra time; it signals India's unwavering commitment to advancing a seamless, technology-driven tax ecosystem. Tax filing, which was once a largely manual and time-consuming process, has become more efficient particularly for individual taxpayers. With simplified forms, e-filing platforms, and greater automation, preparing and submitting returns now takes much less time than before. Today, taxpayers often receive refunds almost instantly, a leap powered by sophisticated systems like the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). Globally, India's pioneering digital tax initiatives like Faceless Assessment Scheme, are gaining admiration. Many emerging economies are looking to emulate such models, drawn by the promise of reduced discretion and enhanced fairness. Recent CBDT measures mandating more detailed disclosures on virtual digital assets, foreign income, capital gains, and deductions claimed, empower taxpayers with clearer financial insights and promote better compliance. As India advances, taxpayers can expect more auto-filled returns like in the UK and Australia, making tax filing faster and less burdensome through smarter technology. For regulators, these technological strides translate into sharper transparency and operational efficiency. Access to enriched data and cross-departmental harmonization enables targeted, intelligence-driven collection campaigns — replacing broad 'fishing expeditions' with precision enforcement. Data-driven approaches in the past have helped plug tax leakages and propelled Net direct tax collections to surge by over 19.88% in FY 2023–24, touching ₹18.90 lakh crore. Such increase in collections is a sign of a progressive & non-intrusive tax administration. Look at this example of delight for tax payers – the Income Tax portal comfortably handles peak filing volumes at 917 returns per second, the average processing time for returns has significantly dropped from 93 days in FY 2013–14 to just 10 days in FY 2023–24. India's digital tax journey, though groundbreaking, hasn't been without roadblocks. Many still remember the hardships faced during the 2021 new portal launch. The past few years have been no less frustrating with issues like login failures, upload errors, UI glitches etc. This year, ITR 2 and 3 were momentarily made available and then withdrawn, adding to the confusion. Further taxpayers are noticing duplicate mutual fund sale entries in AIS under SFT same transaction being reported by RTAs and depositories. Such issues underscore the need for better validation and need for extension of timelines. Despite having one of the best IT backbones and infrastructure, teething issues persist at the Centralized Processing Centre (CPC), particularly around processing of refunds and rectification applications. On some fronts, the income tax portal still lags the GSTN portal—for instance, there are no API connections to seamlessly file all returns or fetch notices, and there's no invoice-level matching in Form 26AS as seen in GST systems. Yet, these challenges aren't unique to India; even advanced economies encounter similar hurdles. Digital tax isn't a smooth ride anywhere, robust systems are built through constant learning and iterative improvements. Perhaps the most exciting horizon lies in the transformative potential of artificial intelligence (AI). AI-powered tools could soon deliver personalized tax guidance, tailoring recommendations to individual financial scenarios and simplifying complex decisions. Advanced AI algorithms might auto-complete ITR forms by intelligently pulling verified data from AIS, banks, and investment records , drastically cutting manual effort and errors. AI's role extends further: proactive review of large data sets to identify items needing review both for income tax and GST or read trial balances and financial statements to identify what needs detailed analysis. Predictive analytics could empower taxpayers to simulate various tax scenarios, turning compliance into a strategic advantage. Research and litigation are another area where AI can play a role bringing efficiency and perhaps doing a better job like summarizing research from multiple sources, pinpointing relevant judgments to strengthen arguments, identify risks based on historic trends and preparing first drafts, research notes, submissions etc. The future of taxation in India is unmistakably digital, automated, and intelligent. By doubling down on digital infrastructure and embracing AI solutions, India continues to cement its position as a world leader in tax administration setting the pace for others to follow. Once a paper & files driven organisation with endless waiting in tax Department corridors, India's direct tax administration has transformed into a digitally enabled world's leading example. India has shown that with the right use of technology, how better outcomes can be achieved for both taxpayers and exchequer. The 2.0 revolution with AI is now around the corner. (Harini R, Tax Director, EY, also contributed to the article. Views expressed are their personal) Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
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Business Standard
31-07-2025
- Business
- Business Standard
Tax dept starts online filing of updated returns: Know what's the process
The Income-Tax Department has enabled online filing of updated returns (ITR-U) for assessment years (AY) 2021–22 and 2022–23 through ITR-1 and ITR-2. The facility allows taxpayers to fix omissions or errors made in earlier filings, be it unreported income, incorrect tax rates, or missing returns altogether. Here's what you should know about filing updated tax returns. What is an Updated Return (ITR-U)? Introduced in Budget 2022, ITR-U allows individuals and companies to voluntarily declare additional income not previously reported, even if no original return was filed. However, it cannot be used to claim refunds or reduce tax liability; it is purely meant for paying up dues. 'ITR-U is a final chance for taxpayers to correct errors and declare undisclosed income before the tax department catches it. It comes with a cost, but avoids harsher penalties or prosecution,' said Ritika Nayyar, partner at Singhania & Co. What's new this time? The revised process is more rigorous and 'unlike before, taxpayers now need to submit the full applicable ITR form alongside ITR-U, with detailed financials, not just the additional income,' said Sandeep Bhalla, partner at Dhruva Advisors. The, Progressive penalty: 25 per cent extra tax if filed within 12 months 50 per cent for 12–24 months 60 per cent for 24–36 months 70 per cent for 36–48 months New disclosures: More details on income source, reason for revision, and verification One-time filing per AY: You can't revise your updated return later Who should file it? You may consider filing ITR-U if: -You missed filing your return earlier -You underreported income from salary, interest, rent, or capital gains -You used the wrong income head or tax rate -You want to avoid scrutiny due to AIS/TIS mismatches But not everyone qualifies. Bhalla notes that updated returns cannot be filed if: A search, survey or reassessment is underway Proceedings are active under laws like PMLA or Benami Act Key precautions to avoid trouble Ensure accuracy: Match details with AIS, TIS, and Form 26AS Document everything: Keep proof for at least 7 years Act before proceedings start: If notices are issued, you lose this window While the tax hit can be steep, up to 70 per cent of additional tax and interest, the updated return window gives taxpayers a valuable last chance to come clean. As Nayyar says, 'It's not a loophole, but a legal safety net, use it wisely, and only if needed.'
