News | Tax

Income tax return deadline extended again to 31 December 2021

The central board of direct taxes (CBDT) has extended the date to file income tax return (ITR) for FY 2020-21 by three months to December 31, 2021 from September 30, 2021. 
 
The deadline has been extended due to glitches on the new income tax portal which had made it difficult for scores of taxpayers to complete their ITR filing process, writes The Economic Times.
 
As per the press release issued by Central Board of Direct Taxes today, "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."
 
Sujit Bangar, Ex-IRS officer and founder, Taxbuddy.com, an ITR filing website says, " If tax liability to be paid is less than Rs 1 Lakh, then there won’t be interest u/s 234A for ITRs being filed before Dec 31, 2021. The catch is that interest u/s 234A would be charged if the outstanding tax liability is Rs 1 Lakh or more. It will be levied from August 1, 2021 onwards till date of filing ITR. Therefore, it’s advisable to compute tax working immediately even if ITR may be filed later. This may help us in saving interest."
 
Along with this, the government has extended the deadline to file belated and/or revised ITR by two months from January 31, 2022 to March 31, 2022.
 
"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."
 

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Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
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