Wednesday, 07 December 2022

Income Tax Return deadline extended for selected categories

Income Tax Return deadline extended, for selected categories

The deadline for filing (ITR) Income tax returns in audit cases for the assessment year 2021-22 has been extended till 15th March 2022. In contrast, the last day for submitting tax audit reports has been pushed to 15th February 2022, the (CBDT) Central Board of Direct Taxes announced on 11th January.

The decision comes in the backdrop of many chartered accountant associations demanding the government extend the deadline. They cited the COVID-19 impact and the technical glitches or errors in the e-filing portal as reasons for the late submissions.

The deadline for filing a tax audit was earlier fixed to 15th January 2022. For submissions to be made following the specific date, a penalty of 0.5 percent of turnover, or a max of Rs 1.5 lakh, was enforced.

It states.

However, the Central Board of Direct Taxes circular has pushed the deadline to 15th February.

"The due date of Appoint of Report of Audit under any provision of the Act for the Last Year 2020-21, which was 31st October 2021, in the case of assessees referral in a clause of Explanation 2 to sub-section 1 of section as a result of this Act, is hereby extended to 15th February 2022,"

Income Tax Return deadline extended for selected categories 1unsplash image

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The deadline for the audit report for transfer pricing has also been extended till 15th February.

For ITRs to be filed post-audit reports, the last date has been extended from 15th February to 15th March, the circular further noted.

CBDT said.

"Due date of issuing of ITR for the Year 2021-22, which was earlier 31st October 2021 under sub-section of section 139 of an Act, as extends to 30th November 2021 & 15th February 2022 by Circular No. 9/2021 dated as of 20.05.2021 & Circular No.17/2021 dated 09.09.2021 respectiveas a result of this as a result of this further extended to 15th March 2022,"

Notably, the last day for filing Income Tax Returns for individual taxpayers has lapsed on 31st December 2021, as per the erstwhile order issued by the CBDT.

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