ITR filing deadline extended by 2 months for individuals

The extension of due dates is likely to provide some relief to taxpayers on tax compliance front.

In view of the severe impact of the second wave of the Covid pandemic on individual taxpayers and corporates, the income tax department has extended the due date of various compliances, including income tax return filing, for salaried individuals by two months to September 30 from July 31.

For corporate taxpayers and individual taxpayers liable to tax audit, the due date of return filing is extended by a month, i.e. from existing October 31 to November 30. The due dates for filing of Tax Audit Report and Transfer Pricing Certificate have also been extended by 1 month from their respective due dates. Even, last date for filing belated/ revised return for all categories of taxpayers has been extended by a month, from existing December 31 2021, to January 31 2022.

The due date for filing TDS returns and statement of financial transactions (SFT) statements, which are due by May 31, has been extended by a month to June 30, whereas corresponding due dates for issuance of TDS certificates is also extended by a month to July 15.

The extension of due dates is likely to provide some relief to taxpayers on tax compliance front.

“However, for taxpayers, whose entire income tax liability is not discharged by TDS and advance tax and such shortfall is more than Rs 1 lakh, they should endeavour to file their ITR within respective original due date to avoid charge of interest u/s 234A, which is charged on filing ITR beyond the original due date at the rate of 1% per month for every month/ part thereof after original due date of filing ITR,” said Shailesh Kumar, partner, Nangia & Co LLP.