The deadline for filing tax returns extended to December 31.

The deadline for filing tax returns extended to December 31.

The government said on Thursday that the deadline for filing income tax returns has been extended to December 31, citing the coronavirus outbreak and ongoing technical issues with its website.

Normally due by the end of July, the deadline was extended in May owing to the coronavirus epidemic until September 30.

“In light of the difficulties reported by taxpayers and other stakeholders in filing Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), the Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing Income Tax Returns and various reports of audit for the Assessment Year 2021-22,” according to the statement.

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Due to difficulties experienced by taxpayers in completing Income Tax Returns (ITRs) and Audit reports for the fiscal year 2021-22 under the ITAct, 1961, the CBDT has extended the deadlines for filing ITRs and Audit reports for the fiscal year 2021-22. Circular No.17/2021, dated September 9, 2021, was issued. 

9 September 2021 — Income Tax India

“The due period for filing Returns of Income for the Assessment Year 2021-22, which was 31st July 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September 2021 by Circular No.9/2021 dated 20.05.2021, is thus further extended to 31st December 2021,”.

From November 30, 2021, the CBDT has extended the deadline for filing ITRs for businesses until February 15, 2022.

ITR filing increased to 3.2 lakh daily in September, 2021

The deadlines for filing the tax audit report and the transfer price certificate have been extended from October 31 to January 15, 2022, and January 31, 2022, respectively, from the previous deadlines of October 31 and November 30.

The deadline for filing a late or revised income tax return has been extended by two months, to March 31, 2022.

Concerning the tax portal’s difficulties, the finance ministry stated on Wednesday that it is working with Infosys to provide a smooth filing experience for taxpayers.

The CBDT released the paperwork for filing I-T returns for the 2020-21 fiscal year on April 1.

Under section 115BAC of the Internal Revenue Code, the government had given taxpayers the option of choosing a new tax regime for the fiscal year 2020-21.

ITR filing increased to 3.2 lakh daily in September, 2021

ITR filing increased to 3.2 lakh daily in September, 2021

Updates to the Income Tax Department’s e-Filing portal

The Income Tax Department’s e-Filing site (www.incometax.gov.in) was introduced on June 7, 2021. Since then, taxpayers and professionals have experienced flaws and problems with the service. The Ministry of Finance has been keeping a close eye on how concerns with Infosys Ltd, the project’s Managed Services Provider, are being resolved.

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A number of technical issues are being addressed one by one, and the statistics for the various filings on the portal are showing a favourable trend. Since September 7, 2021, over 8.83 crore unique taxpayers have signed in, with a daily average of over 15.55 lakh in September 2021. In September 2021, the number of ITRs filed grew to 3.2 lakh per day, with 1.19 crore ITRs filed for the fiscal year 2021-22. Over 76.2 lakh taxpayers have used the portal’s online service to file their forms.

It’s good to see that over 94.88 lakh ITRs have been e-verified, which is required for the Centralized Processing Center to process them. 7.07 lakh ITRs have been processed so far.

Over 8.74 lakh Notices issued by the Department under the Faceless Assessment/Appeal/Penalty proceedings have been viewed by taxpayers, with over 2.61 lakh answers filed. On a daily basis in September 2021, an average of 8,285 Notices for e-proceedings were issued and 5,889 answers were filed.

Over 10.60 lakh statutory forms have been filed, including 7.86 lakh TDS statements, 1.03 lakh Form 10A for trusts/institutions registration, 0.87 lakh Form 10E for salary arrears, and 0.10 lakh Form 35 for appeals.

Applicability of Tax Audit under section 44AB or 44AD or 44ADA

66.44 lakh taxpayers have linked their Aadhaar numbers to their PAN numbers, and over 14.59 lakh e-PANs have been issued. In September 2021, around 0.50 lakh taxpayers were using these two services on a daily basis.

The Department is continuing to work with Infosys to ensure that taxpayers have a positive filing experience.

Investigating The Penalty Structure For Late Filing Of ITR

The Income Tax expert of India had set 31st August 2018 as the last date for documenting salary expense form relating to budgetary year 2017-18 for all evaluates separated from those abode in Kerala without confronting heavy punishments.

In this manner, you can expect a stringent demand which can extend up to 10000 INR on the off chance that you record your profits post 31st August midnight. Be that as it may, this won’t influence evaluates who don’t cling to the due dates if their pay falls beneath the base assessable limit.

Penalty for Late Filing ITR:

  1. The fine has been settled at 5000 INR for surveys who document the arrival post due date of 31st August yet either at the very latest 31st December of the significant appraisal year which is 31st December for this situation.
  2. The fine will climb to 10000 INR on the arrival being recorded before the finish of the important evaluation year i.e. 31st March 2018 for this situation however after 31st

Citizens, whose gross aggregate pay falls beneath 5 lakh INR will be at risk to pay the most extreme punishment measure of 1000 INR as it were. Area 234F which embroils laws relating to imposing late documenting expenses was presented following an alteration in Budget 2017 and wound up powerful from 2018-19 appraisal year onwards.

penalty for late filing ITRIn this note appraisal year alludes to the year which quickly pursues an important money related year with respect to which an ITR has been documented. In this manner, the evaluation year for 2017-18 money related year is 2018-19.

A case of an occupant singular having a place with under 60 years old, is taken for clarifying this entire situation. It is expected that he acquires 1.5 lakh INR on long haul capital increases emerging out of closeout of value shares alongside intrigue salary of another 1.5 lakh INR in a money related year. Additions emerging out of closeout of value situated common reserve or value shares in the wake of being held for a range going over a year have been kept totally absolved from the domain of tax collection in 2017-18 FY. Consequently, the aggregate salary of this assessee will be taken as 3 lakh INR and he will be at risk to pay punishment as talked about above as per the arrangements of 234F on documenting late return.

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