E-filing Returns Last Date Extended to 15th March - To Whom? Is it applicable to Individuals ?. CBDT has released a circular stating that the Last Date of efiling of income returns has been extended to 15th March 2022. Now lots of doubts are arising. Whether the extended last date of E Filing returns is applicable to individuals or Nor. Here is the detailed post which explains the applicability of the last date.
ITR filing deadline extended: Tax and investment expert Balwant Jain said this doesn't apply to all individual and other tax payers for whom the due date expired on 31 December
The Centre on Tuesday extended till 15 March the deadline for corporates to file Income tax returns for the financial year 2020-2021 or assessment year 2021-2022. The deadline to file tax audit report and transfer pricing audit report for FY21 too has been extended till 15 February.
Tax and investment expert Balwant Jain said, "The extension is for all the taxpayer whose books of accounts are required to be audited under any law like Companies Act, Societies Act, LLP Act or income tax act."
Commenting on this, Rahul Singh, DGM, Taxmann, said:
The government has extended the due date only for those taxpayers who were originally liable to file the return of income by October 31, 2021, or November 30, 2021. The following taxpayers fall under this category:
1. corporate-assessee;
2. non-corporate assessee (whose books of account are required to be audited);
3. Partner of a firm whose accounts are required to be audited and spouse of such partner if the provisions of section 5A apply; and
4. Assessee who is required to submit a report under section 92E pertaining to the international or specified domestic transaction(s).
“An individual taxpayer not falling under any of the above categories has not received any extension benefit," he said.
“It should be noted that no relief has been granted from the interest chargeable under section 234A if the tax liability exceeds ₹1 lakh. Thus, if the self-assessment tax liability of the taxpayer exceeds ₹1 lakh, he would be liable to pay interest under section 234A from the expiry of the original due dates," Singh added.
The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 30th September 2021, in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, as extended to 31st October 2021 and 15th January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th February 2022;
The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 31st October 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is extended to 15th February 2022;
The due date of furnishing of Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which was 31st October 2021, as extended to 30th November 2021 and 31st January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th February 2022;
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 and 15th February, 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th March 2022;
The due date of furnishing of Return of Income for the Assessment Year 2021-22, 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.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th March 2022.
E-filing Returns Last Date Extended to 15th March - To Whom? Is it applicable to Individuals ?
CBDT extends income tax return filing deadline till March 15 for specific taxpayers only. In Official Twitter handle of Income Tax Department the statement is as followsOn consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued.
On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued. pic.twitter.com/2Ggata8Bq3
— Income Tax India (@IncomeTaxIndia) January 11, 2022
The Centre on Tuesday extended till 15 March the deadline for corporates to file Income tax returns for the financial year 2020-2021 or assessment year 2021-2022. The deadline to file tax audit report and transfer pricing audit report for FY21 too has been extended till 15 February.
Tax and investment expert Balwant Jain said, "The extension is for all the taxpayer whose books of accounts are required to be audited under any law like Companies Act, Societies Act, LLP Act or income tax act."
Commenting on this, Rahul Singh, DGM, Taxmann, said:
The government has extended the due date only for those taxpayers who were originally liable to file the return of income by October 31, 2021, or November 30, 2021. The following taxpayers fall under this category:
1. corporate-assessee;
2. non-corporate assessee (whose books of account are required to be audited);
3. Partner of a firm whose accounts are required to be audited and spouse of such partner if the provisions of section 5A apply; and
4. Assessee who is required to submit a report under section 92E pertaining to the international or specified domestic transaction(s).
“An individual taxpayer not falling under any of the above categories has not received any extension benefit," he said.
“It should be noted that no relief has been granted from the interest chargeable under section 234A if the tax liability exceeds ₹1 lakh. Thus, if the self-assessment tax liability of the taxpayer exceeds ₹1 lakh, he would be liable to pay interest under section 234A from the expiry of the original due dates," Singh added.
Below is the Table which shows to whom the benefit is applicable
Here’s what the CBDT has announced:The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 30th September 2021, in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, as extended to 31st October 2021 and 15th January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th February 2022;
The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 31st October 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is extended to 15th February 2022;
The due date of furnishing of Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which was 31st October 2021, as extended to 30th November 2021 and 31st January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th February 2022;
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 and 15th February, 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th March 2022;
The due date of furnishing of Return of Income for the Assessment Year 2021-22, 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.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th March 2022.
