Businesses will get more time to file Income Tax Return for Assessment Year 2021-22 (AY22) as Central Board of Direct Taxes (CBDT) has decided to extend the due date.
However, there is no relief for individuals and entities, whose accounts need not to be audited as there is no extension of due date for these categories of assesses. Due date for these assesses was December 31.
“On consideration of difficulties reported by the taxpayers and other stakeholders due to Covid-19 and in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961, the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, provides relaxation,” the board said in a circular.
Accordingly, the due date of furnishing of Report of Audit for the Previous Year 2020-21 will now be February 15. Earlier, the extended due date was January 15. Similarly, the due date of furnishing of Report from an Accountant by persons entering into international transaction or specified domestic transaction has been extended to February 15 from January 31.
The due date of furnishing of Return of Income by the businesses for AY 22 will now be March 15 as against extended due date of February 15 and February 28.