• Fri. Jun 9th, 2023

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Extension of due date of ITR filing and Audit

The latest Income Tax updates are related to extension of ITR filing and audit dates. The due date of filing normal ITR which was earlier 30th September has been extended to 31st December. Similarly, the due date of Tax Audit has been extended from 31st October, 2021 to 15th January, 2022. Also, the Audit entities and their partners can now file their ITR upto 15th February, 2022. Revised Return can now be filed upto 31st March, 2022. If any return could not be filed upto due date, can be filed last upto 31st March with penalty. For more details read the Circular No. 17/2021.

Extension of Due date of filing Various Forms

The Form 10A or 10AB of Registration or approval under section 12A or 10(23C) and Section 80G can now be filed upto 31st March, 2022. Similarly, 15G/15H for June Quarter can be uploaded upto 30th November, 2021 and for September Quarter upto 31st December, 2021. For more details, read the Circular No. 16/2021.

Cost Inflation Index for 2021-22

Govt. has notified Cost Inflation Index for 2021-22 vide notification No. 73/2021 dated 15.06.2021. The Cost Inflation Index for FY 2021-22 is 317.

New Portal of Income Tax

The Income tax Department has launched its new portal www.incometax.gov.in on 7th June, 2021. Due to this, services of income tax are not available on previous portal www.incometaxindiaefiling.gov.in. Although the old portal is opening, but when clicking on any service, it requests to visit the new portal. There are separate tabs for each type of assessee and in that tab details of forms applicable and other guidance is provided.

Overall Portals of Income Tax Department
  1. www.incometax.gov.in which is now the main e-filing portal. On this portal, a taxpayer may file his Income Tax Return online. Also, various other income tax forms may be filed from this portal. This portal also has links of online payment of income tax, linking of aadhar and PAN, viewing of TDS credit in Form 26AS and some other items.
  2. www.incometaxindia.gov.in which is another portal of income tax department which is mainly the knowledge portal. In this portal, a large number of acts, rules and other provisions of different laws prevailing in India, are given. Income Tax notifications and circulars are also given on this portal.
  3. www.tdscpc.gov.in is the third portal. This portal is mainly related to TDS and TCS. Online filing of TDS and TCS returns and downloading of 26AS and TDS Certificates is done through this portal.

Keep on visiting the site for latest income tax updates.

Extension of different due dates

CBDT has issued circular No. 9/2021 on 20.05.2021 and 12/2021 on 25.06.2021 through which various due dates in income tax have been extended. Some of them are:

  1. The due date of filing E-TDS returns has been extended to 15th July, 2021 which was earlier 30.06.2021.
  2. Due date of furnishing TDS certificate under Form 16 (Salary) to Employees has been extended from 15th July, 2021 to 31st July, 2021.
  3. Due date of filing return of Income in case of all assessees except those who are under audit has been extended from 31st July, 2021 to 30th September, 2021.
  4. Date of filing return of Income in case of assessees covered under audit has been extended from 31st October, 2021 to 30th November, 2021.
  5. Audit report, which was to be furnished upto 30th September, 2021 can now be furnished upto 31st October, 2021.
  6. Belated and revised returns can be filed upto 31st January,2022 as against earlier date of 31st December, 2021.
  7. Due date of filing application u/s 12AB/10(23C) & 80G by Charitable Trusts, etc. has been extended from 30th June, 2021 to 31st August, 2021.

It is interesting that the due date of filing TCS Return which was 15th May, 2021 has not been extended. Further, nothing is mentioned in the circular about due date of furnishing TDS certificates for non-salary cases in Form 16A, which is presently 15th June, 2021.

It has also been clarified in the circular No 9/2021 that the above extension of due dates of filing ITR will not be applicable for calculating interest u/s 234A, if the net tax payable (after deducting TDS, Advance Tax, etc.) exceeds Rs. 1 lakh. It means that if net tax payable comes out to be more than Rs. 1 lakh, interest u/s 234A (for delayed filing of ITR) will be applicable from the original due dates of filing ITR.

To read the complete circular click here.

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