Business

Income Tax Return: ITR filing Deadline for FY 2020-21 (AY 2021-22) Extended. New Dates

In a major relief to thousands of taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday extended the income tax filing deadline for the financial year 2020-21 to December 31, 2021 from September 30. The extension came as several taxpayers had expressed their dissatisfaction with the new income tax portal while filing ITR in the last few months. On June 7, the Income Tax department had unveiled a new tax e-filing portal to make ITR filing smooth and hassle-free. From pre-filled income tax return forms to quick refunds — the new portal has tons of new features to provide a “modern and seamless experience to taxpayers”. However, new income tax e-filing portal has been marred by glitches and other problems from inception.

“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(the “Act”), 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 2021-22,” the CBDT said in a statement on Thursday.

This was the second time that the finance ministry had extended the due dates for filing income tax return this fiscal. The usual due dates for filing income tax return for the year 2020-21 was July 31. Earlier the deadline to file income tax return was extended to September 30 in the view of coronavirus pandemic in the country. “The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021,” the CBDT said in a statement.

The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;

The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st January, 2022;

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th February, 2022;

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 28th February, 2022;

The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022;

It is also clarified that the extension of the dates as referred to in clauses (9), (12) and (13) of Circular No.9/2021 dated 20.05.2021 and in clauses (1), (4) and (5) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds rupees one lakh. Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.

Read all the Latest News, Breaking News and Coronavirus News here


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button