Income Tax Returns deadline extended to March 15
What's the story
The central government on Tuesday extended the due date for filing Income Tax Returns for Assessment Year 2021-22 to March 15, 2022. The Central Board of Direct Taxes (CBDT) under the Ministry of Finance made the announcement. The deadline has been extended as taxpayers face difficulties due to the coronavirus situation and during the e-filing of various audit reports, according to the notification.
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Deadline for audit reports also extended
Besides Income Tax Returns, the due date for filing of various audit reports has also been extended by the tax department. The new deadline is February 15, 2022. "The due date of furnishing of Report of Audit under any provision of the Income Tax Act for the previous year 2020-21, which was 30th September, 2021...is further extended to 15th February, 2022," the circular read.
Twitter Post
Here is the official notification from CBDT
On consideration of difficulties reported by taxpayers/stakeholders due to Covid in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued. pic.twitter.com/2Ggata8Bq3
— Income Tax India (@IncomeTaxIndia) January 11, 2022
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Previous deadline was December 31
This is the third time the deadline for filing ITRs has been extended for the said Assessment Year. The previous deadline was December 31, 2021. Separately, the IT Department earlier said it had issued refunds of over Rs. 1.5 lakh crore this fiscal year. Of that amount, refunds of Rs. 51,194 crore were for income tax cases and the remaining for corporate tax cases.
Other developments
ICAI wrote to CBDT last week
Last week, the the Institute of Chartered Accountants of India (ICAI), a top body representing CAs across the country, had written to the CBDT. The ICAI had sought a reconsideration of the proposed penalties due to late submission. The late fee for filing of IT Returns after the stipulated due date is up to Rs. 5,000.