Income Tax Audit Due Date Extension: Latest News
Some people who have to file tax audit reports and income tax return filing for FY 2020-21 have had their deadlines pushed back by the Central Board of Direct Taxes. By a press release on January 11, 2022, the income tax department announced that this would be the case.
Extension of Due Dates for TAR & It Return | ||
Type | Current Due Date | Extended Due Date |
Tax Audit Report | 15.01.2022 | 15.02.2022 |
Transfer Pricing Report | 31.01.2022 | 15.02.2022 |
Audited Case IT Return | 15.02.2022 | 15.03.2022 |
Transfer Pricing Case IT Return | 28.02.2022 | 15.03.2022 |
The Central Board of Direct Taxes (CBDT), while exercising its powers under Section 119 of the Income-tax Act,1961 (Act), offers relaxation for the following compliances in light of challenges raised by taxpayers and other stakeholders due to COVID and electronic filing for various audit reports:
For the previous financial year 2020-21, the deadline for submitting a report of audit was 30th September 2021. Circulars 9/2021 and 17/2021, which were both sent on May 20, 2021, changed that deadline. It was then extended to October 31 and January 15 of the next financial year. It has now been pushed back until February 15, 2022.
In the case of those who had to submit their report of audit by Oct. 31, 2021, the deadline has been pushed back to 15, Feb, 2022. This is for those who had to submit their report of audit by Oct. 31, 2021.
A person who has an international transaction or a "specified domestic transaction" under Section 92E of the Act for the previous year 2020-21 must submit a report from an accountant by the due date of October 31, 2021. This date was already extended to November 30, 2021 and January 31, 2022 by Circulars 9/2021 and 17/2021, but it has been extended again to February 15, 2022.
The due date for submitting the Return of Income for the Assessment Year 2021-22, which was originally due on October 31, 2021, but was extended to November 30, 2021, and February 15, 2022, respectively, by Circular No.9/2021 and Circular No.17/2021, is now extended to March 15, 2022.
It is now extended to 15 March, 2022, by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021, the due date of providing the Return of Income for the Assessment Year2021-22, which was November 30, 2021, under sub-section (1) of Section 139 of the Act, as it was the final date.
Clarification 1
Section 234A of the Act says that Explanation 1 to that section doesn't apply to people who pay more than one lakh rupees in taxes on their total income, but this doesn't apply to people who pay less than one lakh rupees in taxes on their total income.
Clarification 2
It's important to note that for the purposes of Clarification 1, only the tax paid by an individual in India under section 207 of the Act, which is the "advance tax," will be considered to be the tax paid by him under section 140A of the Act.
To know more about Income Tax Audit Report Extension, please visit https://www.incometaxindia.gov.in/communications/circular/circular-no-1-2022.pdf
