Extensions of deadlines for filing an income tax return (both audit and non-audit cases) and submission of belated/revised Returns of Income for the Assessment Year 2021-22 by the Central Board of Direct Taxes (CBDT) via Circular No. 17/2021 dated 09.09.2021 read Circular No. 9/2021 submitted 20.05.2.
For AY 2021-22, the Income Tax Return, Tax Audit, and TP Audit deadlines have been extended.
|Particulars||Due Date||Extended to (As per Circular No. 9/2021 dated 20.05.2021)||Further Extended (As per Circular No. 17/2021 dated 09.09.2021)|
|Return of Income for the Assessment Year 2021-22 is due (Non-Auditable Assessee)||31st July, 2021||30th September, 2021||31st December, 2021|
|Return of Income for the Assessment Year 2021-22 is due (Auditable Assessee)||31st October, 2021||30th November, 2021||15th February, 2022|
|Submission of the Audit Report for Fiscal Year 2020-21||30th September 2021||31st October 2021||15th January 2022|
|Transfer Pricing Report (Section 92E) for the Fiscal Year 2020-21||31st October 2021||30th November 2021||31st January 2022|
|In the case of transfer pricing, providing a return of income is required.||30th November 2021||31st December 2021||28th February 2022|
|Return of Income, belated or amended, for the Assessing Year 2021-22||31st December 2021||31st January 2022||31st March 2022|
Clarification 1 to section 234A of the Income Tax Act, 1961, for submitting of Return of Income U/s 139 (1) of the Act, shall not apply in situations where the amount of tax on the total income as reduced by the amount as mentioned in clauses I to (vi) of Sec 139 (1) exceeds one lakh rupees.
Clarification 2: Tax paid under section 140A of the Act by the due date (without extension under Circular No. 9/2021 dated 20.05.2021 and Circular No. 17/2021 dated 09.09.2021) would be considered an advance tax.
Extracted from section 234A’s Clarification 1:
The term “due date” as used in this section refers to the date stated in sub-section (1) of section 139, as applicable to the assessee.
Extract of Sec 139 (1)
Return of income.
- (1) Every person,—
(a) being a company or a firm; or
(b) If his total income or the total income of any other person in respect of whom he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, he shall, on or before the due date, furnish a return of his income or the income of such other person in the prescribed38 for the previous year.
Provided that a person referred to in clause (b), who is not required to furnish a return under this subsection and who resides in such area as the Board may specify in this regard by notification in the Official Gazette, and who during the previous year incurs an expenditure of fifty thousand rupees or more on electricity consumption, or who at any time during the previous year fulfils any one of the conditions set out in clause (a),
(i) is in possession of immovable property with a floor area exceeding a certain floor area, whether by way of ownership, tenancy, or otherwise, as the Board may specify; or
(ii) is the owner or lessee of a vehicle other than a two-wheeled vehicle, whether or not such two-wheeled vehicle has a detachable sidecar with an extra wheel connected to it;
(iv) has spent money on travel to a distant nation for himself or another person; or
(v) holds a credit card issued by any bank or institution that is not an “add-on” card; or
(vi) is a member of a club with an annual membership cost of 25,000 rupees or more,
What is the procedure for claiming an income tax refund after the deadline has passed?
You can only file an income tax refund if you file an ITR. As a result, if you missed the deadline for filing your ITR, you can file a late return. A late return can be filed before the conclusion of the assessment year or before the end of the relevant assessment year, whichever comes first. For the assessment year 2019–20, for example, you can file a late return before the 31st of August 2019 or, at the most, by the 31st of March 2020. However, a penalty of Rs 10,000 would be imposed for a late return.
How can I file a tax return after the deadline has passed?
You can file a late return if you missed the deadline for filing your ITR. A late return can be filed either before the assessment year ends or before the assessment is made, whichever comes first. For the assessment year 2019–20, for example, you can file a late return before the 31st of August 2019 or, at the most, by the 31st of March 2020. A penalty of Rs 10,000 will be imposed for a late return.
What are the options for paying income tax after the deadline has passed?
If you missed the deadline for submitting your return and paying your taxes, you can do so by filing a late ITR and paying your taxes to the government. Please keep in mind that the belated return must be filed no later than the end of the AY. However, a penalty of Rs 10,000 would be imposed for a late return.
After the due date, whatever portion of the income tax return is filed?
Section 139(4) permits the submission of a late return, that is, a return filed beyond the due date. The taxpayer, on the other hand, would be fined a penalty of Rs 10,000 for failing to file the return on time.
What is the deadline for submitting a tax return?
Individuals and non-audit cases usually have until July 31st to file their income tax returns, whereas audit cases have until September 31st to file. However, owing to COVID -19, the CBDT has extended the due date for FY 19-20; the extended due date for persons and non-audit cases is December 31, 2020, and audit cases are January 31, 2021.
Note- Service Tax Registration is necessary for identifying the assessee, depositing service tax, filing service tax reports, and carrying out numerous activities mandated by the Finance Act of 1994. Failure to register for service tax would result in a penalty under section 77 of the Finance Act of 1994.