New Delhi: The government on Tuesday was extended until March 15, the corporate boundary to submit a return on income tax (ITR) for fiscal ending March 2021.
The deadline for submitting a tax audit report and price setting audit report for 2020-21 has also been extended until February 15 .
This is the third extension given to corporates to submit a return on income tax for fiscal 2020-21.
The original deadline for ITR filing for corporates is October 31, and those who have transfer price transactions are November 30.
The CBDT Council (CBDT) in a statement said that with the consideration of the difficulties reported by taxpayers and other stakeholders because of Covid.
And in electronic submissions from various audit reports, it has decided to further extend the due date to submit a refund of income tax and various audit reports for assessment of 2021-22 (2020-21 fiscal).
The expanded deadline for ITR filing for corporates is now March 15, and the tax audit report is February 15, 2022.
The last date for submission of 2020-21 ITRS without a penalty for individual taxpayers ends on December 31, 2021, and almost 5.89 Crore ITR submitted by due date.
Nangia & Co LLP Partner Shailesh Kumar said that remembering taxpayer’s difficulties considering the new wave of CO CASE in the country and also the technical disorders faced in the tax audit report on the submission and compliance related to the ITR submission, an extension of about one month was given by the government to taxpayers to taxpayers Submitting a tax audit report and expansion of 15 days for cases covered by transfer price setting is a welcome step and will provide assistance to taxpayers.
Mitra AMRG & Associates Senior Rajat Mohan said the Ministry of Finance finally received a request to enable additional time for taxpayers and audit professionals to resolve tax submissions and consider the difficulties reported by Covid.
“This will come as a substantial assistance for all corporate taxpayers.
However, there is no relief extended to the individual salary and non-corporate businesses that cannot be audited,” Mohan added.
Taxmann DGM Rahul Singh said it should be noted that no relief provided from the interest charged below section 234a if the tax liability exceeds Rs 1 lakh.
Thus, if the tax obligation of self-assessment of the taxpayer exceeds Rs 1 Lakh, it will be responsible for paying interest based on part 234a from the expiration of the original maturity date.