ITR deadlines have been extended, here are the specifics

By Angel One | Published on 12 January 2022 | 292

ITR deadlines have been extended, here are the specifics

The Central Board of Direct Taxes (CBDT) stated on January 11 that the deadline for filing income tax returns (ITR) in audit cases has been extended to March 15, 2022, while the deadline for submitting tax audit reports has been pushed back to February 15, 2022.

The decision came after numerous chartered accountant groups urged the government to extend the deadline, citing the pandemic effect and e-filing site difficulties as reasons for the delays.

The filing date for tax audit reports was previously set for January 15, 2022. A penalty of 0.5 percent of the turnover, or a maximum of Rs 1.5 lakh, was to be applied for submissions submitted after the deadline.

However, the CBDT circular has moved the date back to February 15. “The due date for furnishing a 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 to in clause (AA) of Explanation 2 to sub-section (1) of section 139 of the Act, is hereby extended to 15th February 2022,” it says.

The deadline for submitting a transfer price audit report has been extended until February 15. The deadline for filing ITRs after receiving audit results has been extended from February 15 to March 15, according to the circular.

“The due date for furnishing 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 hereby further extended to 15th March, 2022,” said the CBDT.

Last Monday, the ICAI, the country’s biggest accounting organization representing CAs, wrote to the CBDT requesting that the proposed penalty for late filing be reconsidered. “Issues such as the lack of availability of Form 3CEB and difficulty submitting forms such as 10C and 10B are still present. Taxpayers are having trouble filling out data for accounts, confirmations, reconciliation, and preparing inputs for the tax audit report,” according to an ICAI statement.

According to a previous directive issued by the CBDT, the final day for submitting ITRs for individual taxpayers was December 31, 2021.

How do you submit a late tax return?

The procedure for submitting a late return is the same as for filing on or before the due date. The key difference is that you must choose “Return filed under section 139(4)” from the drop-down menu in the appropriate box on the ITR form when filling it out. Also, keep in mind that if you’re submitting a delayed return for FY 2020-21, you’ll need to fill out the necessary ITRs for FY2020-21 alone, not for any prior or subsequent fiscal years.

Is it possible to amend a late ITR?

Yes, you certainly can. If you submit your tax return after the deadline, though, you may forfeit some advantages and face a penalty.

What if I’ve submitted my taxes but there’s a mistake?

If you discover after filing your tax return that you have not declared some revenues or that certain deductions were not taken into account in the return calculation, you may submit a revised return.

How long do I have to validate my return?

Simply submitting your tax return is only half of the job; you must also validate it. You have 120 days from the time you file your return to check it, according to current tax legislation.

Is it possible to carry losses forward if I submit a late return?

Losses under any category of income (other than income from residential property) may only be carried forward if the tax return is submitted before the due date, which is July 31 of the relevant AY, according to Indian income tax legislation (unless extended by the government).

However, even if the tax return is submitted beyond the due date, the loss may be carried forward under the heading income from dwelling property.

Disclaimer: This blog is exclusively for educational purposes and does not provide any advice/tips on investment or recommend buying and selling any stock.