ITR Filing Deadline For Fy 2021 Extended Further; Tax Audits To Be Submitted By Feb 15

ITR Filing Deadline For Fy 2021 Extended Further; Tax Audits To Be Submitted By Feb 15

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Business oi-Roshni Agarwal

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The Finance Ministry on January 11 announced that the deadline to file ITR has been extended to March 15, 2022, while the last date for submitting tax audit reports has been revised to February 15 from the earlier deadline of January 15, 2022.

ITR Filing Deadline For Fy 2021 Extended; Tax Audits To Be Submitted By Feb 15

ITR Filing Deadline For Fy 2021 Extended; Tax Audits To Be Submitted By Feb 15

“On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (the Act), the 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”, said the PIB Release. Also various CA associations’ had been for long demanding for the deferment of the due dates in respect of filing ITR and tax audit report.

The due date of furnishing of Return of Income for the Assessment Year2021-22, which was 30th November 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December 2021 and 28th February 2022 by Circular No.9/2021dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th March, 2022,” the CBDT said in a circular.

So, with the latest circular notified by the finance ministry, the last date for return filing by individual taxpayers now stands extended to March 15-that as per earlier order lapsed on December 31, 2021.

Further the changes or the extended date of March 15, 2022 as per experts does not apply to all of the taxpayers including individual assessees for whom the due date lapsed on December 31, 2021.

Likewise, for audit reports the date has been now shifted to February 15. If the report submission is made after the specified date then a penalty equivalent to 0.5 percent of the turnover or a maximum of Rs. 1.5 lakh is imposed.

GoodReturns.in

Original news source Credit: www.goodreturns.in



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