Analysis of last dates of filling in lieu of extensions granted by I-Tax authorities & UDIN uploading by ICAI without any extension by MCA.

1. CBDT in lieu of non-proper working of I-Tax portal granted extension in filling of Income Tax Returns vide circular no 17/2021 dated 9th Sept 2021. Please note this is the 2nd extension granted by CBDT & earlier extension was also granted by circular no 09/2021 dated 20th May 2021. The effect of both circular’s extension is summarised below: –

Particulars Original Earlier Extension Now Extended
ITR Filing
1. Individuals\Non-Audit Cases 31-07-2021 30-09-2021 31-12-2021
2. Audit Cases 31-10-2021 30-11-2021 15-02-2022
3. Transfer Pricing Cases 30-11-2021 31-12-2021 28-02-2022
4. Belated Returns 31-12-2021 31-01-2022 31-03-2022
Audit Report Filing
Tax Audit 3CA/3CB with 3CD 30-09-2021 31-10-2021 15-01-2022
Transfer Pricing 3CEB 31-10-2021 30-11-2021 31-01-2022

2. The Central Council of ICAI in it’s meeting dated 17th Sept 2021 also increased the timeline for uploading UDIN from 15 days to 60 days permanently to bring uniformity in Standards on Auditing (SA) and Standard on quality control (SQC). Please note from 20th Sept 2021 onwards ICAI portal is permitting uploading of UDIN with 60 days’ time gap.

3. Please note under Companies act 2013, as per sec 96(2), the last date of AGM under normal circumstances shall be 30th Sept 2021 & 21 days Clear Notice is required to be issued & UDIN need to be uploaded within 60 days. In other words, UDIN must be uploaded latest by 8th Nov 2021. However, u/s 101(2) shorter notice can also be issued & in that case UDIN must be uploaded latest by 29th Nov 2021.In extreme cases AGM extension may be obtained well in advance for 3 months from ROC as per 3rd proviso to sec 96 & UDIN must be uploaded latest by 8th Feb 2022 (With 21 days clear Notice) or 1st March 2022 (With shorter Notice). Both the above relaxations must be used with consideration of following 3 vital points:-

i) Interest under I-Tax act 1961: -Please also note that Interest u/s 234A @ 1% p.m. shall be payable from original date of return if tax liability is more than 1 Lakh. Similarly, Interest u/s 234 B & 234 C as applicable is also payable till payment of taxes. In other words, pay taxes alongwith applicable interest at the earliest to reduce interest burden & not wait till last date of filling of return. Further if refund is receivable, the return should be filled at the earliest to facilitate early processing & receipt of refund as applicable u/s 244A @ ½% p.m.

ii) Additional Fees under Companies Act 2013: – As per sec 137(1), additional fees of Rs 100 per day for late filling of AOC-4 beyond 30 days (Latest by 30th Oct 2021) & MGT-7 (Latest by 29th Nov 2021) is also imposed.

iii) No Extension in submission of reports by CS/CMA’s;-Please note no extensions have been granted for CS & CMA’s for filling of Secretariat audit report u/s 204(1) in form MR-3 read with relevant rules & Cost Audit Report u/s 148 read with relevant rules in form CRA-3. The UDIN by CS has also to be uploaded on the date of signing of report & by CMA with in 15 days of signing of report.

Conclusion: – The Corporate person must complete audits & filling with ROC with in above stipulated times as per Companies Act 2013 rather than relax till last date of ITR filling until unless MCA grants extension in filling of AOC-4/MGT-7 or other relevant reports till 31st Dec 2021.

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CA Manoj Kumar Anand

Brief of Author: – Manoj Kumar Anand is Delhi based Practising Chartered Accountant (37+ years) and Insolvency Professional (4+ years) and Director in Mumbai based IPE `Decode Resolvency International Private Limited’.

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Qualification: CA in Practice
Company: M.K.Anand & Associates & Decode Resolvency International Private Limited
Location: Naraina, Delhi, India
Member Since: 29 Jul 2019 | Total Posts: 9
Manoj Kumar Anand is Delhi based Chartered Accountant and Insolvency Professional and Director in Mumbai based IPE `Decode Resolvency International Private Limited’. He has also co-authored a book on Valuation and is founder President of `AIIPA’ an association of Insolvency Professional and Co-C View Full Profile

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