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CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
Saummary on Income Tax Due dates extended again
Following due dates have been extended which I believe in wake of the challenges put forward by the new Income Tax portal:
a. Non-Audit tax returns - Extended to December 31, 2021
b. Tax Audit reports - Extended to January 15, 2022
c. TP Report - Extended to January 31, 2022
d. Audit tax returns - Extended to February 15, 2022
e. TP tax returns - Extended to February 28, 2022
f. Belated tax returns - Extended to March 31, 2022 from December 31, 2021.
For Press Release refer this
https://twitter.com/IncomeTaxIndia/status/1435969941618847747?s=19
However, no extension has been announced under Companies Act, 2021 for holding AGM. Hence, Companies will still be required to compile their financial statements and present to their shareholders by Sept 30th, 2021
CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
- The deadline for persons entering into international transactions or specified domestic transactions under section 92E of the Act for the previous year 2020-21, which is 31st October 2021, has been extended to 30th November 2021 via Circular No.9/2021 dated 20.05.2021, and is now extended to 31st January 2022.
- The due period for filing the Return of Income for the Assessment Year 2021-22, which was previously extended to the 31st December 2021 via Circular No.9/2021 dated 20.05.2021, is now extended to the 28th February 2022 under sub-section (1) of section 139 of the Act.
- 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.
- 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;
- 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.
- CBDT Circular No.17/2021 in F.No.225/49/2021/ITA-II dated 09.09.2021 issued. The said Circular is available on www.incometaxindia.gov.in.
- 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 details are as under:
- 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 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;
Important points from the desk of Rajput Jain and Assocates
1 Although due date of ITR extended but Interest U/s 234A shall apply if total tax payable is more than Rs. 1 lakhs
2 Due date of holding AGM by Companies for FY 2020-21 is still 30th Sept. 2021, so plan your schedule accordingly. Although option to do AGM with shorter notice with 95% members approval still available.
3 Please keep in mind the requirements of Generating UDIN for signing Financial Statement of the Companies.
4 Last date to pay Annual Membership/COP fees of ICAI is 30th September, 2021.
5 Today Tax Audit utility for A Y. 2021-22 has been available at Income tax portal.
6 Today is the due date to file GSTR-1 for the m/o Aug-21 having Turnover > 5 Cr or opted to file monthly return.
7 Gujarat AAR ruled that Parathas will be taxed at 18% as it is 'ready-to-cook' and not 'ready-to-eat' product in the latest dispute which sought to bring it at par with Rotis and Khakras.
8) Although due date of ITR extended but Interest U/s 234A shall apply if total tax payable is more than Rs. 1 lakhs
9) Due date of holding AGM by Companies for FY 2020-21 is still 30th Sept. 2021, so plan your schedule accordingly. Although option to do AGM with shorter notice with 95% members approval still available.
10) Please keep in mind the requirements of Generating UDIN for signing Financial Statement of the Companies.
11) Last date to pay Annual Membership/COP fees of ICAI is 30th September, 2021.
12) Today Tax Audit utility for A Y. 2021-22 has been available at Income tax portal.
