India Extends Income Tax Filing Date While U.S. Taxpayers Struggle to Meet Deadlines
Taxpayers in India, rejoice! The government has decided to cut you some slack. Whether it has anything to do with what happened here in the U.S., where the IRS was recently (and repeatedly) hacked by Internet identity thieves who gained access to the personal income tax return information of over 300,000 consumers, or, because the organization simply wants to extend taxpayers a nice courtesy, the Finance Ministry announced it will extend the deadline for filing income tax returns.
As per news reports, the deadline for filing income tax returns was extended from August 31 to September 7. Sigh, if only U.S. taxpayers had that much time to file income taxes instead of having to rush to meet the April 15 deadline – and likely make mistakes while filing that will have to be fixed by a tax lawyer or else incur huge penalties and fines.
The extension is actually the second this year. The usual deadline is July 31.
Apparently, the extensions are linked to a new set of Income Tax Return (ITR) forms that were introduced this year. The change came about after local taxpayers criticized the government on the previous forms, which they argued were complicated and sought additional, superfluous details like information on dormant back accounts and taxpayer foreign travel records. The new forms actually come equipped with a 3-page simplified form – quite the change from the prior 14-page form that taxpayers had to deal with previously.
Complicated tax documents is something we here in the U.S. can relate to. Between the confusing formulas that make any taxpayer wonder if they should have taken advanced calculus in college, the ever un-popular and nearly impossible task of figuring out how many exemptions to claim, and having to sift through endless piles of receipts and bills to prove to the IRS that you really did spend that much money on your business or in providing for your dependents, tax time can truly be a nightmare.
Luckily, tax attorneys can help alleviate much of the burden that comes with filing income taxes, as well as any issues that can arise from previous income taxes that may have been incorrectly reported. Having a tax lawyer on your side definitely helps get the IRS off your back. Plus, you can avoid the headache that comes with having to go through all your paperwork alone – and having to make sense of it all.
It’s easy to mess up when it comes to filing taxes, and unfortunately, even if you are granted an extension beyond the April 15 deadline, unless you plan on getting money back after you file, you’ll be looking at accruing some hefty interest if you end up owing money to the IRS. The earlier you turn to a tax lawyer for help, the faster your IRS issues can be solved.