Comments
The Central Board of Direct Taxes (CBDT) on Thursday announced extending due dates for filing income tax returns for Assessment Year 2021-22 (Fiscal Year 2020-21).
“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,” the board said in a statement.
For salaried individual and others, due date for filing return would now be December 31 as against September 30. Original due date was July 31. For businesses (requiring audit), new due date would be February 15 next year as against original due date of October 31 and previously extended due date of November 30.
Due date of furnishing of Report of Audit has been further extended to January 15 next year from original date of October 31 and original date of September 30. 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 will now be January 31 next year as against extended date of November 30 and original date of October 31.
The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22 will now be March 31 next year as against previously extended due date of January 31, 2021 and original due date of December 31 this year.
However, there will no relief in terms of levying of interest on account of late filing. Simply speaking, taxpayers are required to pay interest at the rate of 1 per cent per month for delay in filing ITR beyond original due date, if the difference in actual tax liability and aggregate of TDS/ TCS/ Advance Tax exceeds ₹1 lakh. Thus, the interest clock of Income tax department continues till actual filing of ITR, irrespective of reason of delay, experts say.
The announcement for extension has come day after when CBDT claimed that new e-filing tax portal is showing some improvement. Earlier, the developer was given time till September 15 to fix glitches.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.