Sunday 26 June 2022
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Corporate houses may pay I-T by 15 March

In a substantial relief to corporate taxpayers, the CBDT in its fresh order extended the deadline to file tax audit report too, which is now 15 February

The government today extended till 15 March the deadline for corporate houses to file Income Tax returns (ITR) for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till 15 February.

This is the third extension given to corporate houses for filing the income tax return for the 2020-21 fiscal. The original deadline for filing ITR for corporate houses was 31 October, and those with transfer pricing transactions was 30 November.

The Central Board of Direct Taxes (CBDT) said through a statement that on consideration of difficulties reported by the taxpayers and other stakeholders because of the Covid pandemic and in electronic filing of various reports of audit, it has decided to further extend the due dates for filing of income tax returns and various reports of audit for the Assessment Year 2021-22 (2020-21 fiscal).

The extended deadline for filing ITR for corporate houses is now 15 March and the tax audit report is 15 February.

The last date for filing 2020-21 ITRs without for individual taxpayers had ended on 31 December 2021 and nearly 5.89 crore ITRs was filed by the due date.

Nangia & Co LLP Partner Shailesh Kumar said considering the difficulty of taxpayers in of the fresh surge of Co cases in the country and also technical glitches being faced in filing tax audit reports and other compliances related to filing ITR, the extension of around one month granted by the government to taxpayers for filing their tax audit report and extension of 15 days for cases covered by transfer pricing compliances is a welcome move and will grant relief to taxpayers.

AMRG & Associates senior partner Rajat Mohan said the finance ministry has finally accepted the request to allow additional for taxpayers and audit professionals to complete the tax filings and it considers difficulties reported by the tax professionals due to Covid.

“This will come as a substantial relief for all the corporate taxpayers. However, no relief has been extended to salaried class individuals and MSME non-auditable non-corporate businesses,” Mohan added.

Taxmann DGM Rahul Singh said it should be noted that no relief has been granted from the interest chargeable under section 234A if the tax liability exceeds Rs 1 lakh. Thus, if the self-assessment tax liability of the taxpayer exceeds Rs 1 lakh, he would be liable to pay interest under section 234A from the expiry of the original due dates.

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