The deadline to file income tax returns (ITR) in audit cases, for assessment year 2021-22, has been extended till March 15, 2022, whereas, the last day for submitting tax audit reports has been pushed to February 15, 2022, the Central Board of Direct Taxes (CBDT) announced on January 11.
The decision comes in the backdrop of several chartered accountant associations demanding the government to extend the deadline, as they cited the COVID-19 impact and the glitches in the e-filing portal as the reasons behind the delay in submissions.
The deadline for filing tax audit reports was earlier fixed as January 15, 2022. For submissions to be made following the specified date, a penalty of 0.5 percent of the turnover, or a maximum of Rs 1.5 lakh was to be imposed.
The CBDT circular, however, has pushed the deadline to February 15. "The due date of furnishing of 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 in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is hereby extended to 15th February, 2022," it states.
The deadline for audit report for transfer pricing has also been extended till February 15.
For ITRs to be filed post audit reports, the last date has been extended from February 15 to March 15, the circular further noted.
"The due date of furnishing of 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," CBDT said.
On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued. pic.twitter.com/2Ggata8Bq3— Income Tax India (@IncomeTaxIndia) January 11, 2022
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The Institute of Chartered Accountants of India (ICAI), the largest accounting body representing CAs across the country, had written to the CBDT last week seeking a reconsideration of the proposed penalties due to late submission.
"Issues like non-availability of Form No. 3CEB and difficulties in filing forms like 10C and 10B are still continuing. Taxpayers are finding difficulties in completing data for completing accounts, confirmations, reconciliation and prepare inputs for compiling tax audit report," an ICAI statement had noted.
Notably, the last day for filing ITRs for individual taxpayers has lapsed on December 31, 2021, as per the erstwhile order issued by the CBDT.
