Income Tax Returns deadline extended to 15th March 2022

Recent Update on Income Tax Returns Filing-

Taking into consideration the difficulties faced by the taxpayers and stakeholders due to the coronavirus outbreak and also considering the difficulties reported by the taxpayers due to e- filing of audit reports for the assessment year 2021- 2022 under the IT Act 1961, CBDT (THE CENTRAL BOARD OF DIRECT TAXES) has extended various deadlines to file an income tax return for the ass. The year 2021- 2022 & now according to the circular issued by the  Department Of Revenue Of The Finance Ministry( circular no. 1/2022), Dated: 11/1/2022, the new extended deadline for filing of Income Tax return is 15 March 2022. Earlier Government had once extended this date for filing the returns from the original date which was 31st July 2021 to 31st December 2021. 

Let's have a look at full details of the latest notification of the CBDT:-

• The due date for furnishing the Audit Report- ( TAR ) The  Taxpayers who need to audit their income tax return are going to benefit from this notification due date for furnishing the audit report earlier extended twice and are now further extended  from 15 January 2022  to 15 February 2022

• The due date for furnishing the Audit Report- ( TAR) U/ Sec 139 (1) aa of Act, for the AY 2020- 2021,  In case assessed refer clause aa subclause (1) of sec 139 of the Act. For this, the deadline was 31st October 2021 new extended date for this is 15 February 2022.

• New date for TP Report,  The due date for furnishing report from an Accountant, by the person entering into an international transaction or any specified domestic transaction u/ sec 92 E of the Act, for the ass year 2020 - 2021 was 31st January 2022 new date is 15 February 2022.

• The due date for furnishing the return of income is further extended to 15 February 2022 and in respect of that ITR filing date extended new date is 15 March 2022

Let's see who will get the benefits of ITR filing deadline extension, such deadline extension would primarily benefit the corporate & the larger assessee.

• The dates are only extended for the taxpayers who were originally liable to file income tax returns by October 31st 2021or  November 31st, 2021,

• Corporate assessee, non-corporate assesses ( whose books of accounts are needs to be audited),

• Partner of the firm ( accounts are needed to be audited), spouse of  such partner if sec5A apply, 

• Assess required to submit report u/ sec 92 E pertaining to international or some particular domestic transactions,

INDIVIDUALS WHO ARE NOT FILING UNDER ANY OF ABOVE MENTIONED CATEGORIES HAVE NOT RECEIVED ANY EXTENSION BENEFITS.

AN AUDIT REPORT CONSTITUTES -  A tax auditor needs to furnish his report in the prescribed form which could be any one of either Form 3CA or 3CB.

• FORM NO. 3CA -  This form is furnished when a person carrying on business or profession is already mandated to get his accounts audited under any law.

• FORM NO.3CB -  This form is furnished by the person carrying on business or profession is not required to get his account audited under any law. 

The tax auditor needs to furnish all the prescribed particulars in form no. 3CD forms part of the audit report.

 Key objectives of a Tax audit, Taxpayers are required to conduct tax audits in order to achieve the following objectives:

• In order to get the certification of the correctness of books of accounts by a tax auditor and to ensure proper maintenance of the accounts.

• In order to give a report about the prescribed information such as compliance of various provisions of income tax law, tax depreciation, etc.

• Reporting discrepancies and various observations noted by the auditor after a methodical examination of books of account.

All the above-mentioned objectives enable tax authorities in verifying the correctness of the income tax returns filed by the taxpayer. verifications and calculations of the total income, various deductions, and claims also become easier.

CONCLUSION-  

As millions of returns have been filed, taxpayers have faced some technical glitches due to the introduction of a new e-filing portal of the income tax department, it was also one of the reasons which forced our Hon'ble Finance minister to intervene in the matter and take the matter with the site's vendor Infosys. This brings relief to the taxpayers amidst the pandemic.

Author:

Shefali Srivastav
Uttar Pradesh
L.LM from Amity University, Noida