Income Tax Return filing deadline extended to March 15 for these taxpayers
New Delhi, Jan 12: In view of coronavirus pandemic, CBDT has further extended the due dates for filing of Income Tax Return (ITR)/ Tax Audit Report (TAR)/ Transfer Pricing Report (TPR), in respect of FY 2020-21/ AY 2021-22. This is the third occasion when such timelines have been extended by CBDT due to COVID/ Technical issues.
Recently, the ICAI has represented before the CBDT to waive the penalty and other consequences in respect of late filing of tax audit/ transfer pricing reports and certificates for AY 2021-22 upto 31/03/2022 due to COVID/ OMICRON and as a result CBDT has granted partial relief by way of third extension for AY 2021-22.
Earlier the ITR filing due dates have been extended, vide Circulars 9/2021 dt. 25/06/2021 and 17/2021 dt. 09/09/2021, to provide relief to taxpayers/ professionals in view of spread of COVID-19 pandemic and difficulties reported by the taxpayers and other stakeholders in e-filing thereof at the portal. Now again these timelines have been further extended vide Circular 1/2022 dt. 11/01/2022 for similar reasons. Summary of extended due dates is as under:
In the above Circulars, the CBDT has clarified that the extension of due dates for filing of Income Tax Return shall not affect the provisions under Explanation 1 to section 234A (Interest for default in furnishing ITR), if amount of tax payable exceeds Rs. 1 lakh.
Further, it has been clarified that in the case of a resident individual referred to in section 207(2), i.e. senior citizen not having any income from business or profession, the tax paid by him u/s 140A within the original due date (without extension), shall be deemed to be the advance tax.
The government has extended the due date only for those taxpayers who were originally liable to file the return of income by October 31, 2021, or November 30, 2021. The following taxpayers fall under this category:
2. non-corporate assessee (whose books of account are required to be audited);
3. Partner of a firm whose accounts are required to be audited and spouse of such partner if the provisions of section 5A apply; and
4. Assessee who is required to submit a report under section 92E pertaining to the international or specified domestic transaction(s).