The deadline for filing tax audit reports and transfer pricing audit reports for the financial year 2020-21 has also been extended till February 15.
This is the third extension given to corporates to file income tax returns for the financial year 2020-21. The original deadline for filing ITR for corporates was October 31, and November 30 for those with transfer pricing transactions.
In considering difficulties reported by taxpayers/stakeholders due to COVID and e-filing of audit reports… https://t.co/vs653L5ouF
— Income Tax India (@IncomeTaxIndia) 1641904025000
The Central Board of Direct Taxes (CBDT) said in a statement that considering the difficulties raised by taxpayers and other stakeholders due to COVID-19 and electronic filing of various audit reports, it has further extended the due dates of filing. has decided. Various Reports of Income Tax Return and Audit for the Assessment Year 2021-22 (Financial 2020-21).
The extended deadline for filing ITR for corporates is now March 15, and the tax audit report is February 15, 2022.
The last date for filing ITR 2020-21 without penalty for individual taxpayers ended on December 31, 2021 and around 5.89 crore ITRs were filed till the due date.
Nangia & Co LLP partner Shailesh Kumar said that in view of the hardship being faced by the taxpayers in the light of fresh spurt in CO cases in the country and technical glitches being faced in filing tax audit reports and other compliances related to filing of ITR, The extension of almost one month given by the government to taxpayers to file their tax audit reports and the extension of 15 days for cases covered by transfer pricing compliance is a welcome move and will bring relief to taxpayers.
AMRG & Associates Senior Partner Rajat Mohan said that the Finance Ministry has finally accepted the request for additional time for taxpayers and audit professionals to complete the tax filings and it is considering the difficulties raised by tax professionals due to COVID. does.
“This will come as a big relief to all corporate taxpayers. However, no relief has been given to salaried class individuals and MSMEs un-audited non-corporate businesses,” Mohan said.
Taxman DGM Rahul Singh said that it should be noted that no relief has been given from interest leviable under section 234A if the tax liability exceeds Rs 1 lakh. Thus, if the self-assessed tax liability of the taxpayer exceeds Rs 1 lakh, he will be liable to pay interest under section 234A from the expiry of the original due dates.
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