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Did you lose your sleep waiting for ITR deadline extension?

Sep 27, 2019

deadline to file income tax returns

At Eleventh hour, we realise that it is impossible to close the audit and file the ITR. The finance, audit and tax teams start praying that the CBDT extends the deadline. The tension is more when you have a substantial amount of losses to carry forward. After few sleepless nights and countless rumours, the CBDT decides to extend the due date.  

We start celebrating and file the ITR in the next few days and completely forget about it. Year after year the same thing repeats and we start blaming the accounting and finance department and auditors for their failures. 

But are they the only ones to be blamed? 

The life of professionals in the accounting and finance department is always filled with deadlines and even more deadlines. To make matters worse these departments are always understaffed. Getting the audit completed and filing the ITR is a mammoth task. The situation may be worse in start-ups and fast growing companies having complexities in their business. The job becomes more difficult when there are very few members in the team. The huge workload prompts them to postpone the ITR filing till the last date. Fortunately, our government has not left them out to dry and has extended the deadlines most of the times. 

Can this problem be easily solved by increasing the workforce? 

Unfortunately, it is not that easy. Human beings have a natural tendency to get bored while performing redundant and boring tasks. A bored professional is a beacon for committing mistakes and that can be a disaster for any company. 

ERP software is your knight in shining armour which will rescue from all these situations. ERP puts a lots of control in the process, helps avoid mistakes and streamlines all your data in one place. 

Cloud ERP can be accessed from anywhere and at any point in time. The accessibility of data helps to create reports without losing much time. The accounting and finance departments will be more motivated to do their work efficiently. ERP will also help CFOs and controllers with automated reminders to complete compliance activities well in advance. 

Do justice with your team and switch to Cloud ERP!

Vikas Mandawewala

Vikas Mandawewala is a Rank Holder Chartered Accountant and Rank Holder Company Secretary.
He has done his CPA (US-NY and US-CO), CIA (US), and CISA (US). He is also a Registered Valuer (India). He has been providing Virtual CFO services to various startups and mid-sized companies in India.