The government has extended the due date for filing income tax returns for assessment year 2021-22 by two months, to September 30, 2021 from the existing deadline of July 31, 2021, while giving extension to tax audit and 12 compliance deadlines for FY 21 to provide relief to taxpayers due to Covid pandemic, writes The Economic Times.
The date for furnishing audit report has been extended to October 31, from September 30, for the same assessment year.
For corporate taxpayers and individual taxpayers liable to tax audit, the due to date of filing return for AY 2021-22 has been extended to November 30 from October 31. In the same case, the returns of income for AY 2021-22 can be filed by December 31, 2021. The due date for transfer pricing certificate has been pushed by a month to November 30, from October 31.
Taxpayers can file income tax returns belatedly by January 31, 2022, instead of earlier deadline of December 31, 2021.
The statement of deduction of tax for the last quarter of the FY21 can also be submitted by June end, the deadline has been extended by a month.
Certificate of tax deducted at source or TDS in Form No 16, which companies provide to employees by June 15, can be furnished on or before July 15, 2021.
Among other relaxations, the statement of financial transactions or SFTs for FY21 that have to be furnished before May 31, can now be submitted by June 30. Statement of reportable account for the calendar year 2020 can be submitted by June 30 as well, instead of May 31.
TDS or tax collected at source (TCS) book adjustment statement for May that has to be submitted by June 15, can be done by June 30.
The statement of deduction of tax from contributions paid by the trustees of an approved superannuation fund for FY21, required to be sent on or before May 31, can be done by June 30.
Further, statement of income paid or credited by an investment fund to its unit holder for the previous year 2020-21, can be furnished by June 30. The deadline has been extended by a fortnight.
Statement of income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before 30th June 2021 under Rule 12CB of the Rules, may be furnished on or before 15th July 2021.
However, for taxpayers, whose entire income tax liability is not discharged by TDS and advance tax and such shortfall is more than Rs 1 lakh, will have to file their returns within respective original due date to avoid charge of interest at the rate of 1% per month for every month after original due date of filing ITR, the Board clarified.
The Board also clarified that tax paid by an individual resident in India referred to in sub-section (2) of section 207 of the Act – that do not have income from profits and gains of business or profession and are above 60 years in previous year - under section 140A of the Act within the due date will be deemed as advance tax.