The deadline for filing a tax audit report has been extended to February 15, and the final day for filing income tax returns has also been extended to March 15, 2022.
Imagine, taxpayers can file their 2020-21 income tax return on March 15. The decision was made in response to a request from numerous groups of accountants who cited the implications of COVID19 and the difficulties of the e-filing site in their request for a longer-term extension.
According to a previous policy from the Board of Direct Taxes, the last day for filing ITRs for individual taxpayers was December 31, 2021 (CBDT). According to a current financial report, it has now been extended until March 15.
The deadline for filing tax audit reports was previously set for January 15, 2022. Submissions received after the deadline would be fined Rs 5,000.
“The expiry date for the submission of the audit report in accordance with a provision of the Act for the previous year 202021, which was October 31, 2021, in the case of the in section (aa) of Explanation 2 of paragraph 1 of Article 139 of the Act is until Extended February 15, 2022 “, according to the Treasury’s circular.
Last Monday, the Indian Institute of Chartered Accountants (ICAI), the country’s largest accounting organization representing CAs, wrote to the CBDT requesting a review of the proposed late filing penalty.
“Problems like the lack of availability of Form 3CEB and the difficulty of submitting Forms like 10C and 10B persist. to a statement from ICAI.