Extension of due dates of ITR, Tax Audit, Transfer Pricing Audit for AY 2021-22

Extension of due dates of Income Tax Returns for Tax Audit, Transfer Pricing and Return of Income for the Assessment Year 2021-22 for Auditable Assessee

Extension of time lines for filing of Income-tax returns (Auditable Assessee for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for the Assessment Year 2021-22 by the Central Board of Direct Taxes (CBDT) vide Circular No. 01/2022 dated 11.01.2022 read with Circular No. 9/2021 dated 20.05.2021 and Circular No. 17/2021 dated 09.09.2021 are as follows:

Clarification 1: Circular No. 9/2021 dated 20.05.2021 and Circular No. 17/2021 dated 09.09.2021 shall not apply to Explanation 1 to section 234A of Income Tax Act, 1961 for furnishing of Return of Income U/s 139 (1) of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of Sec 139 (1) exceeds one lakh rupees.

Clarification 2: Tax paid U/s 140A of the Act within the due date (without extension under Circular No. 9/2021 dated 20.05.2021 and Circular No. 17/2021 dated 09.09.2021 and Circular No. 01/2022 dated 11.01.2022) provided in that Act, shall be deemed to be the advance tax.

Extract of the Explanation 1 to section 234A:

In this section, “due date” means the date specified in sub-section (1) of section 139 as applicable in the case of the assessee.

Extract of Sec 139 (1)

Return of income.

139. (1) Every person,—

(a)  being a company or a firm; or

(b)  being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed³⁸ form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :

Provided that a person referred to in clause (b), who is not required to furnish a return under this sub-section and residing in such area as may be specified by the Board in this behalf by notification in the Official Gazette, and who during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or at any time during the previous year fulfils any one of the following conditions, namely :—

(i)  is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or

(ii) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or

(iii) [***]

(iv) has incurred expenditure for himself or any other person on travel to any foreign country; or

(v)  is the holder of a credit card, not being an “add-on” card, issued by any bank or institution; or

(vi) is a member of a club where entrance fee charged is twenty-five thousand rupees or more,……………