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Reasons behind Pushing Income Tax Returns Filing Deadline to Dec 31

The government Thursday extended the last date for filing income tax returns till December 31, from September 30 now, following difficulties faced by taxpayers and other stakeholders on the new income tax portal.

“On consideration of difficulties reported by the taxpayers and other stakeholders in filing of income tax returns and various reports of audit for the assessment year 2021-22 under the Income Tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of income tax returns and various reports of audit for the assessment year 22021-22,” the board said in a statement.

This is the third such extension provided by the government this year. The government had extended the deadlines last years as well when the first wave of the Covid-19 pandemic had created unprecedented situation for individual taxpayers and industry. While Covid-related extensions and relief have been given earlier as well, this time, glitches and technical issues arising in the income tax portal have forced government to give further extensions.

While ITRs can be filed till the year end, revised returns can be filed till the end of March 2022, instead of the earlier last date of January 31, 2022.

Filing of audit report can now be done by January 15, 2022, instead of the present deadline of October 31.

For corporate taxpayers and individual taxpayers liable to tax audit, the due date of filling return for AY 2021-22 has been extended to February 15, 2022 instead of November 30. In the same case, the returns of income for AY 2021-22 can be filed by February 28, 2022 instead of December 31, 2021.

The due date for transfer pricing certificate has been pushed to January 31, 2022 from the earlier deadline of November 30.

For taxpayers, whose entire income tax liability is not discharged by tax deducted at source or TDS and advance tax and such shortfall is more than Rs.1 lakh, will have to file their returns within respective original due dates to avoid charge of interest at the rate of 1% per month for every month after original due date of filing ITR, the board clarified.

The board also clarified that tax paid by an individual resident in India referred to in sub-section (2) of Section 207 of the Act-that do not have income from profits and gains of business or profession and are above 60 years in previous year-under Section 140A of the Act within the due date will be deemed as advance tax. S-ET

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