ITR & TAR Due Dates further Extended by CBDT: FY 2020-21/ AY 2021-22

CBDT has further extended the due dates for filing of Income Tax Return (ITR)/ Tax Audit Report (TAR)/ Transfer Pricing Report (TPR), in respect of FY 2020-21/ AY 2021-22. This is the third occasion when such timelines have been extended by CBDT due to COVID/ Technical issues.

Recently, the ICAI has represented before the CBDT to waive the penalty and other consequences in respect of late filing of tax audit/ transfer pricing reports and certificates for AY 2021-22 upto 31/03/2022 due to COVID/ OMICRON and as a result CBDT has granted partial relief by way of third extension for AY 2021-22.

Earlier the ITR filing due dates have been extended, vide Circulars 9/2021 dt. 25/06/2021 and 17/2021 dt. 09/09/2021, to provide relief to taxpayers/ professionals in view of spread of COVID-19 pandemic and difficulties reported by the taxpayers and other stakeholders in e-filing thereof at the portal.  Now again these timelines have been further extended vide Circular 1/2022 dt. 11/01/2022 for similar reasons. Summary of extended due dates is as under:

Type of Compliance Requirement (AY 2021-22)Original Due DateExtension vide Circular 9/2021Extension vide Circular 17/2021Extension vide Circular 1/2022
Income Tax Return (Assessees not subject to Audit): u/s 139(1) of the Income Tax Act, 196131/07/202130/09/202131/12/2021No Change
Income Tax Return (Assessees subject to Audit): u/s 139(1) of the Income Tax Act, 196131/10/202130/11/202115/02/202215/03/2022
Income Tax Return (Assessees subject to Transfer Pricing Report): u/s 139(1) of the Income Tax Act, 196130/11/202131/12/202128/02/202215/03/2022
Tax Audit Report: under any Provision/ Section of the Income Tax Act, 196130/09/202131/10/202115/01/202215/02/2022
Transfer Pricing Report: u/s 92E of the Income Tax Act, 196131/10/202130/11/202131/01/202215/02/2022
Belated/ Revised Income Tax Return: u/s 139(4)/ 139(5) of the Income Tax Act, 196131/12/202131/01/202231/03/2022No Change

In the above Circulars, the CBDT has clarified that the extension of due dates for filing of Income Tax Return shall not affect the provisions under Explanation 1 to section 234A (Interest for default in furnishing ITR), if amount of tax payable exceeds Rs. 1 lakh.

Further, it has been clarified that in the case of a resident individual referred to in section 207(2), i.e. senior citizen not having any income from business or profession, the tax paid by him u/s 140A within the original due date (without extension), shall be deemed to be the advance tax.

Also, in this regard, CBDT has issued the Press Releases dt. 20/05/2021, 25/06/2021, 09/09/2021and 11/01/2022.

Govt. decision to further extend due dates for filing of income tax returns and tax audit/ transfer pricing report, etc. is definitely a commensurate move, keeping in view the current situation of the country which is facing restrictions and partial lockdown in different states due to wide spreading COVID-19/ OMICRON. Also it will provide relief to taxpayers/ professionals facing technical issues at the new e-filing portal of the Income Tax Department due to recent upgradation.

Last but not the least, delays in filing ITR beyond the extended due dates can cost more liability of Interest with each passing month. So hurry up… file your ITR Now.

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