The govt has extended the deadline for filing corporate ITRs for FY21. 15th of March, tax audit report due by February 15th

The deadline for corporations to file Income Tax Returns (ITR) for the fiscal year ending March 2021 was extended by the government on Tuesday until March 15.

The deadline to submit a tax audit report and a transfer pricing audit report for the fiscal year 2020-21 has also been extended until February 15.

This is the third extension granted to corporations to file their income tax returns for the fiscal year 2020-21. The original deadlines for reporting ITRs for corporations and transfer pricing transactions were October 31 and November 30.

The Central Board of Direct Taxes (CBDT) said in a statement that it has decided to extend the due dates for filing Income Tax Returns and various reports of audit for the Assessment Year 2021-22 due to difficulties reported by taxpayers and other stakeholders due to Covid and in electronic filing of various reports of audit (2020-21 fiscal).

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The tax audit report is due February 15, 2022, and the extended date for filing ITR for corporations is now March 15.

Individual taxpayer have until December 31, 2021 to file their 2020-21 |TRS without penalty, and over 5.89 crore ITP were filed by the deadline.

According to Shailesh Kumar of Nangia &Co LLP, given the difficulty faced by taxpayers in light of the recent surge in Co cases in the country, as well as technical glitches in filing tax audit reports and other compliances related to filing ITR, the government’s extension of around one month for filing tax audit reports and extension of 15 days for cases covered by Transfer Pricing compliances is a welcome move that will provide relief to taxpayers.

The finance ministry has finally granted the request to give taxpayers and audit experts more time to complete the tex filings, according to AMRO & Associates senior partner Rajat Mohan, and it considers the challenges identified by tax professionals owing to Covid.

“For all business taxpayers, this will be a significant relief. Individuals in the salaried class and MSME non-auditable non-corporate firms, on the other hand, have received no assistance “Mohan continued.

It should be noted, according to Taxmann DGM Rahul Singh, that if the tax amount exceeds Rs 1 lakh, no exemption from the interest applicable under section 234A has been provided. Thus, if the taxpayer’s self-assessment tax liability exceeds Rs 1 lakh, he will be required to pay interest under section 234A from the time the original due dates have passed.