Report Wire - ‘Difficulties’ in submitting: Some ITR deadlines for FY21 prolonged

Report Wire

News at Another Perspective

‘Difficulties’ in submitting: Some ITR deadlines for FY21 prolonged

2 min read
‘Difficulties’ in filing: Some ITR deadlines for FY21 extended

Citing difficulties being reported by taxpayers in submitting of returns, the federal government on Tuesday prolonged deadlines for revenue tax returns submitting for corporates for the monetary 12 months 2020-21 until March 15. The deadline to file tax audit report and switch pricing audit report for 2020-21 fiscal has additionally been prolonged until February 15.
This is the third extension for submitting revenue tax returns for 2020-21 fiscal for corporates. The unique deadline for submitting ITR for corporates was October 31 and people with switch pricing transactions was November 30. “On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (the Act), the Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22,” an official assertion stated.
The final date for submitting 2020-21 ITRs with out penalty for particular person taxpayers ended on December 31, 2021, and practically 5.89 crore ITRs had been filed by the due date.
Nangia & Co LLP accomplice Shailesh Kumar stated contemplating the issue of taxpayers in mild of contemporary surge of Covid circumstances within the nation and likewise technical glitches being confronted in submitting Tax Audit Report and different compliances associated to submitting ITR, the extension of round 1 month granted by the Government to taxpayers for submitting their Tax Audit Report and extension of 15 days for circumstances coated by Transfer Pricing compliances is unquestionably a welcome transfer and can grant reduction to taxpayers.