In view of the increasing number of coronavirus cases in the country and various reports of problems in filing the tax return for AY 2021-22, the Central Board of Direct Taxes (CBDT) on Tuesday extended various deadlines for filing the tax return. tax return. “In view of the difficulties reported by taxpayers and other stakeholders due to COVID and the electronic filing of various audit reports under the provisions of the Income Tax Act 1961 (the Act), the Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing tax returns and various audit reports for the 2021-22 tax year,” the Ministry of Taxation said. Finances in a press release.
Taxpayers who need to verify their tax returns will benefit from this ruling. The deadline for submitting the audit report for taxpayers when an audit was required has been extended from January 15 to February 15. to March 15.
Here is a list of the various ITR deadlines for AY 2021-22 that have been extended
1) The due date for the submission of the audit report under any provision of the Act for the previous year 2020-21, in the case of assessees referred to in paragraph (a) of the explanation 2 of paragraph (1) of article 139 of the law has been extended until February 15, 2022.
2) The due date for the submission of the audit report under any provision of law for the previous year 2020-21, in the case of assessees referred to in paragraph (aa) of the explanation 2 of subsection (1) of section 139 of the Act, has been extended until February 15, 2022.
3) The deadline for the submission of an accountant’s report by persons entering into an international transaction or a specified domestic transaction under Section 92E of the Act for the preceding year 2020-21 has been extended to 15 February 2022
4) The deadline for submitting the income tax return for the tax year 2021-22, under subsection (1) of section 139 of the Act, has been extended until March 15, 2022
5) The deadline for filing the income tax return for the 2021-22 tax year under subsection (1) of section 139 of the Act has been extended to March 15, 2022.
For individual taxpayers, where an audit was not required, the deadline for filing the tax return was December 31.
“After the firm stance taken by the Ministry of Finance in not further extending the ITR due dates for individuals from 31 December 2021, the Ministry has attempted to take a step forward this time by extending the time limit for income tax audit and transfer pricing audit. from 15 to 30 days until February 15, 2022 and the corresponding ITR dates of those assessed from 15 to 30 days until March 15, 2022. Such an extension would primarily benefit the business and larger assessments. However, the request to remove at least the penalties for late filing of individual returns has still not been accepted by the Ministry of Finance,” Vivek Jalan, Partner, Tax Connect Advisory Services.
Who will benefit from the extension of the ITR filing deadline?
The Ministry of Finance has extended the due date only for taxpayers who were originally required to file the tax return by October 31, 2021 or November 31, 2021. unincorporated assessed person (whose books of account must be audited ); Partner of a firm whose accounts must be audited and spouse of this partner if the provisions of Article 5A apply; and the assessee who is required to submit a report under Section 92E regarding the specified domestic or international transaction(s),” explained Rahul Singh, DGM, Taxmann. An individual taxpayer not belonging to any of the above categories did not receive any extension benefit.
“It should be noted that no relief has been granted on interest payable under Section 234A if the tax payable exceeds Rs 1 lakh. Thus, if the taxpayer’s self-assessment tax liability exceeds Rs 1 lakh, he would be liable to pay interest under Section 234A from the expiration of the original due dates. he further mentioned.
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