Tax Audit due date: Why is #FinanceMinisterMissing trending on Twitter?

New Delhi, Sep 26: This year, again, there have been demands to extend the due date for filing income tax returns (ITR) with tax audit reports for FY 18-19 (Assessment Year 19-20).

Hashtag like #FinanceMinisterMissing #TaxAuditExtendToday was trending in on Twitter, with netizens claiming that the reasons to extend the due date for filing tax audit reports are genuine.

It should be noted that for the past three years, the September 30 deadline was extended by the Central Board of Direct Taxes (CBDT) to remove inconvenience to businesses and tax professionals.

However, the Central Board of Direct Taxes on Thursday announced that the deadline to file income tax returns (ITR), has been extended to October 31.

Under Section 44AB of the Income Tax Act, September 30 is the last date for filing of ITR for all those whose accounts are to be audited like companies, partnership firms, proprietorships, etc. Certain categories of individuals like a working partner in a firm also fall under the ambit.

Meanwhile, according to reports, Sitharaman will be meeting private sector banks, NBFCs and Housing finance companies.