ITR filing, Audit & Other compliances due date for AY 2021-22 extended

ITR filing, Audit & Other compliances due date for AY 2021-22 extended

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ITR filing, Audit & Other compliances due date for AY 2021-22 extended

Due to the second wave of the Covid-19, the due date for ITR filing was extended earlier by two months to September 30, 2021 from the regular due date of July 31st. Now, the due date to file the income tax return (ITR) for FY 2020-21 is extended by the Government once again in view of the unending glitches on the new income tax portal. Let us know the revised date of making various compliance by the taxpayers under the Income Tax Act-1961:
1. Re-extended due date for filing of Income Tax Return now is 31st December, 2021. The original due date was 31st July which was earlier extended to 30th September. Further, the due date for filing the Income Tax Return in case of taxpayers who are covered by audit provision is extended to 15th February, 2022.
2. The due date of furnishing of Belated & Revised Income Tax Return, which was 31st December, 2021, is now extended to 31st March, 2022
3.  The due date for filing of tax audit report is now extended to 15th January, 2022.
4. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction which was 31st October, 2021 is extended to 31st January, 2022.
5. In case of taxpayers for whom the due date of filing the return was 30th November, 2021 is now extended to 28th February, 2022;
6. The due date for registration of existing trust u/s 12AB & 80G which was due on 31.08.2021 has been again extended up to 31/03/2022. Further, the due date for final registration u/s 12A, 80G, 10(23C) which falls on or before 31.08.2022 has also been extended to 31/03/2022.
7. The due date for filing of Return of Equalization Levy Statement in Form No. 1 for the FY 2020-21 is also extended to 31/12/2021 from 30/06/2021.
8. The Due date of filing of quarterly statements by authorized dealers in respect of remittances made for the quarter ending on 30/06/2021 & 30/09/2021 in Form No. 15CC has also been extended to 30/11/2021 & 31/12/2021 respectively.
9. The due date for uploading of declaration in Form No. 15G & 15H for the quarter ending on 30/06/2021 & 30/09/2021 is also extended to 30/11/2021 & 31/12/2021 respectively.
10. Intimation required to be made by Sovereign Wealth Fund in respect of Investment made in India in Form-II SWF for the quarter ending 30/06/2021 & 30/09/2021 is also extended to 30/11/2021 & 30/12/2021 respectively.
11. Intimation to be made by a pension fund in respect of each investment made by it in India in form No. 10BBB for the quarter ending on 30/06/2021 & 30/09/2021 is also extended to 30/11/2021 & 31/12/2021 respectively.
12. Intimation by a (a) Constituent entity resident in India of an international group, the parent entity of which is not resident in India (b) Parent entity or an alternate reporting entity or any other constituent entity resident in India, for the purpose of Section 286(1), in Form No. 3CEAD & 3CEAC respectively has also been extended to 31/12/2021.
13. Intimation on behalf of an international group for the purpose of proviso to Section 286(4) in Form No. 3CEAE under Rule 10DB has also been extended to 31/12/2021.

 

What is NOT EXTENDED so far:
  1. The due date for payment of Advance Tax remains the same and is not re-extended.
  2. The due date for payment of TDS/TCS has not been extended. Similarly, the due date for filing of Quarterly TDS & TCS returns has also not been changed.
  3. The due dates for compliance with the provision related to Higher rate of TDS & TCS for Non-Filers of Income Tax Returns has not been extended.
  4. The due dates for filing of appeal with CIT (A) or ITAT have also not been extended.
  5. The dates for compliance with the notices already issued have not been relaxed at all.
  6. Most of the due dates of all compliance falling due after 31/12/2021 have not been changed in any way.
  7. The dates for filing return u/s 148 (which is required to be filed within the time limit specified in the notice itself, normally 30 days) has also not been extended.
  8. The due date for AGM under the Companies Act- 2013 has not been extended. If not extended, then the companies would be required to present the audited financial statements to the shareholders by 30th September 2021.
Most Important:
Though the due date of filing of income tax return has been extended, there is no extension or relaxation from interest liability if the same is not paid within the original due date if the amount of tax payable exceeds Rs. 1 Lakh. Taxpayers with net tax liability exceeding Rs. 1 Lakh is advised to make the payment at the earliest so as to avoid the interest liability u/s 234A of the Income Tax Act-1961.
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