The deadline for filing tax audit reports has been extended till February 15 and similarly, the last date for filing income tax returns has also been extended till March 15, 2022. Check this out, Taxpayers can file their Income Tax Return for FY 2020-21. 15 March.
The decision came in response to a request by several groups representing chartered accountants, who cited the COVID-19 impact and difficulties of the e-filing site in their request for further extension of the deadline.
As per the previous instruction issued by the Central Board of Direct Taxes, the last day for filing ITR for individual taxpayers was December 31, 2021. (CBDT). According to a recent circular of the Ministry of Finance, it has now been extended till March 15.
The deadline for filing tax audit reports was earlier set as January 15, 2022. Submissions received after the deadline were to attract a fine of Rs 5,000.
“The due date for furnishing the audit report under any provision of the Act for the previous year 2020-21, which was the 31st day of October, 2021, in the case of assessees referred to in clause (aa) of sub-section of Explanation 2 ( Section 1 of Section 139 of the Act has been extended up to February 15, 2022,” according to the Finance Ministry circular.
Last Monday, the Institute of Chartered Accountants of India (ICAI), the country’s largest accounting organization representing CAs, wrote to the CBDT requesting a review of the proposed penalty for late filing.
“Issues such as lack of availability of Form 3CEB and difficulty in submission of forms like 10C and 10B still exist. Taxpayers are finding it difficult to fill data for accounts, prepare inputs for confirmation, reconciliation and tax audit reports” According to one ICAI statement
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