Extension of time lines for filing of Income-tax returns (Audit /Non-Audit cases both and Furnishing of belated/revised Return of Income 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. 17/2021 dated 09.09.2021 read Circular No. 9/2021 dated 20.05.2021 are as follows:
Extended due dates of Income Tax Return, Tax Audit & TP Audit for AY 2021-22
| Particulars | Due Date | Extended to (As per Circular No. 9/2021 dated 20.05.2021) | Further Extended (As per Circular No. 17/2021 dated 09.09.2021) |
| Furnishing of Return of Income for the Assessment Year 2021-22 (Non-Auditable Assessee) | 31st July, 2021 | 30th September, 2021 | 31st December, 2021 |
| Furnishing of Return of Income for the Assessment Year 2021-22 (Auditable Assessee) | 31st October, 2021 | 30th November, 2021 | 15th February, 2022 |
| Furnishing of Audit Report for the Financial Year 2020-21 | 30th September, 2021 | 31st October, 2021 | 15th January, 2022 |
| Furnishing of Transfer Pricing Report U/s 92E for the Financial Year 2020-21 | 31st October, 2021 | 30th November, 2021 | 31st January, 2022 |
| Furnishing of Return of Income in case of Transfer Pricing | 30th November, 2021 | 31st December, 2021 | 28th February, 2022 |
| Furnishing of belated/revised Return of Income for the Assessment Year 2021-22 | 31st December, 2021 | 31st January, 2022 | 31st March, 2022 |
Clarification 1: Circular No. 09/2021 and 17/2021 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 17/2021 dated 09.09.2021) 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,……
Author Bio
Ms. Chandini has brought out a clear, concise and carefully orchestrated lucid analysis on extension of filing IT returns. She has brought down the tension on further extension of timelines. Kudos to her.